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Test your basic knowledge |
Global Economy Basics
Start Test
Study First
Subjects
:
literacy
,
economics
Instructions:
Answer 48 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. An unintended consequence or cost that adversely affects an entity that was not involved
Capitalist Economy
negative externality
Traded Interdependencies
Division of Labor
2. Most people work for wages - then purchase goods and services to consume
Human Capital
modern economies
Customs Union
Intellectual Property
3. Education - knowledge - skills - and abilities of a labor force
Division of Labor
Positive Externality
Human Capital
modern economies
4. Worldwide processes through which the world - its economic systems - and societies tend to become more uniform - more integrated - and more interdependent
modern economies
Customs Union
Globalization
Traded Interdependencies
5. Production and consumption at local levels for community survival
traditional economies
modern economies
modern economies
Globalization
6. Free enterprise - private ownership of production - market-based exchange
Capitalist Economy
Globalization
leading economies
GDP
7. Production - price - exchange - and distribution regulated by custom
Capitalist Economy
Open economies
Division of Labor
Traditional Economy
8. A graduated series of geographical terms used to classify or organize spaces - places - or processes
Traditional Economy
socially constructed
GDP
geographical scale
9. Worldwide processes through which the world - its economic systems - and societies tend to become more uniform - more integrated - and more interdependent
Traded Interdependencies
Customs Union
Engel's Law
Globalization
10. Location economies created through formal interactions between firms
Globalization
GDP
lagging economies
Traded Interdependencies
11. Shift in location of a part of company's production process to a location that is 'close' to the company's home location - but in order to take advantage of reduced labor costs
leading economies
Command Economy
Intellectual Property
nearshoring
12. Markets have been extended in geographical scope through international agreements to open national territories to trade and investment
Traded Interdependencies
Capitalist Economy
Open economies
Positive Externality
13. Beneficial spillover on another party
traditional economies
socially constructed
Intellectual Property
Positive Externality
14. Directed enterprise - state ownership of production - quota/planned distribution
negative externality
Customs Union
Command Economy
Intellectual Property
15. Emphasizes social relationships and process that create or modify their characteristics
socially constructed
Open economies
geographical scale
Factors of Production
16. Those with highest degree of use of new technologies for production and highest degree or range of new products
geographical scale
Open economies
leading economies
GDP
17. How the various steps in a production process tasks are assigned to different workers
Division of Labor
Open economies
Intellectual Property
Negative Externality
18. Markets have been extended in geographical scope through international agreements to open national territories to trade and investment
nearshoring
Negative Externality
Open economies
Globalization
19. How the various steps in a production process tasks are assigned to different workers
Division of Labor
Negative Externality
Command Economy
Factors of Production
20. Process of growth - change - and differentiation of an economy
leading economies
Division of Labor
Development
Human Capital
21. Process of growth - change - and differentiation of an economy
Intellectual Property
Development
Factors of Production
Human Capital
22. A from of international economic integration in which member countries have free trade and the same trade policies toward all non-member countries
Customs Union
Factors of Production
Open economies
socially constructed
23. As incomes rise - a lower proportion of income is spent on food
24. Those that tend to use older production technologies and lack newest products
modern economies
Traded Interdependencies
Engel's Law
lagging economies
25. Emphasizes social relationships and process that create or modify their characteristics
Development
lagging economies
Division of Labor
socially constructed
26. An unintended consequence or cost that adversely affects an entity that was not involved
Engel's Law
Open economies
negative externality
Intellectual Property
27. Those that tend to use older production technologies and lack newest products
Capitalist Economy
Engel's Law
negative externality
lagging economies
28. Creations of the min including inventions - creative artistic works - as well as symbols - names - and designs
Intellectual Property
nearshoring
geographical scale
GDP
29. Most people work for wages - then purchase goods and services to consume
leading economies
Customs Union
nearshoring
modern economies
30. Location economies created through formal interactions between firms
Division of Labor
Factors of Production
Traded Interdependencies
geographical scale
31. Production and consumption at local levels for community survival
socially constructed
traditional economies
Factors of Production
Globalization
32. Those with highest degree of use of new technologies for production and highest degree or range of new products
geographical scale
nearshoring
leading economies
modern economies
33. A cost or damage that spills over on another party
Traditional Economy
Engel's Law
Negative Externality
modern economies
34. Education - knowledge - skills - and abilities of a labor force
Human Capital
Capitalist Economy
Globalization
Traditional Economy
35. Consumption - investment and government expenditures. net exports
leading economies
Factors of Production
GDP
geographical scale
36. As incomes rise - a lower proportion of income is spent on food
37. Beneficial spillover on another party
Positive Externality
Capitalist Economy
socially constructed
GDP
38. Generic categories of elements that are required for production of a good or service to occur
geographical scale
Factors of Production
nearshoring
Negative Externality
39. Generic categories of elements that are required for production of a good or service to occur
Traded Interdependencies
geographical scale
Factors of Production
Intellectual Property
40. Free enterprise - private ownership of production - market-based exchange
GDP
Capitalist Economy
leading economies
Globalization
41. A graduated series of geographical terms used to classify or organize spaces - places - or processes
modern economies
Intellectual Property
geographical scale
Globalization
42. Creations of the min including inventions - creative artistic works - as well as symbols - names - and designs
Engel's Law
Human Capital
Intellectual Property
Traditional Economy
43. Directed enterprise - state ownership of production - quota/planned distribution
Traditional Economy
Command Economy
Human Capital
GDP
44. Production - price - exchange - and distribution regulated by custom
Engel's Law
geographical scale
socially constructed
Traditional Economy
45. A cost or damage that spills over on another party
Negative Externality
Customs Union
Traded Interdependencies
Globalization
46. Shift in location of a part of company's production process to a location that is 'close' to the company's home location - but in order to take advantage of reduced labor costs
Human Capital
nearshoring
Division of Labor
modern economies
47. Consumption - investment and government expenditures. net exports
nearshoring
geographical scale
modern economies
GDP
48. A from of international economic integration in which member countries have free trade and the same trade policies toward all non-member countries
Negative Externality
Customs Union
lagging economies
Capitalist Economy