Test your basic knowledge |

Global Economy Basics

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. Markets have been extended in geographical scope through international agreements to open national territories to trade and investment






2. Those that tend to use older production technologies and lack newest products






3. Creations of the min including inventions - creative artistic works - as well as symbols - names - and designs






4. 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






5. Consumption - investment and government expenditures. net exports






6. Education - knowledge - skills - and abilities of a labor force






7. Production - price - exchange - and distribution regulated by custom






8. A graduated series of geographical terms used to classify or organize spaces - places - or processes






9. A cost or damage that spills over on another party






10. Beneficial spillover on another party






11. Emphasizes social relationships and process that create or modify their characteristics






12. Production and consumption at local levels for community survival






13. Directed enterprise - state ownership of production - quota/planned distribution






14. Process of growth - change - and differentiation of an economy






15. Location economies created through formal interactions between firms






16. Markets have been extended in geographical scope through international agreements to open national territories to trade and investment






17. Most people work for wages - then purchase goods and services to consume






18. Those that tend to use older production technologies and lack newest products






19. A from of international economic integration in which member countries have free trade and the same trade policies toward all non-member countries






20. An unintended consequence or cost that adversely affects an entity that was not involved






21. How the various steps in a production process tasks are assigned to different workers






22. Those with highest degree of use of new technologies for production and highest degree or range of new products






23. Generic categories of elements that are required for production of a good or service to occur






24. Beneficial spillover on another party






25. How the various steps in a production process tasks are assigned to different workers






26. Free enterprise - private ownership of production - market-based exchange






27. Most people work for wages - then purchase goods and services to consume






28. Production - price - exchange - and distribution regulated by custom






29. A graduated series of geographical terms used to classify or organize spaces - places - or processes






30. Education - knowledge - skills - and abilities of a labor force






31. 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






32. As incomes rise - a lower proportion of income is spent on food






33. Free enterprise - private ownership of production - market-based exchange






34. Emphasizes social relationships and process that create or modify their characteristics






35. Generic categories of elements that are required for production of a good or service to occur






36. As incomes rise - a lower proportion of income is spent on food






37. Worldwide processes through which the world - its economic systems - and societies tend to become more uniform - more integrated - and more interdependent






38. An unintended consequence or cost that adversely affects an entity that was not involved






39. Those with highest degree of use of new technologies for production and highest degree or range of new products






40. Creations of the min including inventions - creative artistic works - as well as symbols - names - and designs






41. Process of growth - change - and differentiation of an economy






42. Directed enterprise - state ownership of production - quota/planned distribution






43. Production and consumption at local levels for community survival






44. Worldwide processes through which the world - its economic systems - and societies tend to become more uniform - more integrated - and more interdependent






45. Location economies created through formal interactions between firms






46. Consumption - investment and government expenditures. net exports






47. A cost or damage that spills over on another party






48. A from of international economic integration in which member countries have free trade and the same trade policies toward all non-member countries