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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. Worldwide processes through which the world - its economic systems - and societies tend to become more uniform - more integrated - and more interdependent
Globalization
Customs Union
Division of Labor
traditional economies
2. How the various steps in a production process tasks are assigned to different workers
Traded Interdependencies
nearshoring
Division of Labor
modern economies
3. As incomes rise - a lower proportion of income is spent on food
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4. An unintended consequence or cost that adversely affects an entity that was not involved
GDP
negative externality
Human Capital
nearshoring
5. Beneficial spillover on another party
Factors of Production
lagging economies
Positive Externality
Capitalist Economy
6. Education - knowledge - skills - and abilities of a labor force
Positive Externality
Human Capital
Engel's Law
geographical scale
7. Production - price - exchange - and distribution regulated by custom
Globalization
Positive Externality
Traditional Economy
Globalization
8. Production and consumption at local levels for community survival
traditional economies
Command Economy
Development
geographical scale
9. Creations of the min including inventions - creative artistic works - as well as symbols - names - and designs
Intellectual Property
Factors of Production
Traditional Economy
geographical scale
10. Location economies created through formal interactions between firms
Customs Union
Positive Externality
Traded Interdependencies
Globalization
11. Most people work for wages - then purchase goods and services to consume
GDP
Globalization
modern economies
Negative Externality
12. Markets have been extended in geographical scope through international agreements to open national territories to trade and investment
Open economies
lagging economies
Factors of Production
socially constructed
13. An unintended consequence or cost that adversely affects an entity that was not involved
Customs Union
Capitalist Economy
Factors of Production
negative externality
14. A cost or damage that spills over on another party
Negative Externality
Positive Externality
geographical scale
geographical scale
15. A graduated series of geographical terms used to classify or organize spaces - places - or processes
leading economies
traditional economies
Positive Externality
geographical scale
16. Generic categories of elements that are required for production of a good or service to occur
Factors of Production
Traded Interdependencies
Capitalist Economy
Traditional Economy
17. Beneficial spillover on another party
Positive Externality
modern economies
socially constructed
nearshoring
18. Process of growth - change - and differentiation of an economy
Development
Division of Labor
Engel's Law
Human Capital
19. Most people work for wages - then purchase goods and services to consume
modern economies
Traded Interdependencies
socially constructed
Engel's Law
20. Production and consumption at local levels for community survival
Positive Externality
traditional economies
Globalization
Capitalist Economy
21. Free enterprise - private ownership of production - market-based exchange
nearshoring
Capitalist Economy
Command Economy
nearshoring
22. Directed enterprise - state ownership of production - quota/planned distribution
Command Economy
Traded Interdependencies
Human Capital
Capitalist Economy
23. Those with highest degree of use of new technologies for production and highest degree or range of new products
leading economies
Capitalist Economy
socially constructed
negative externality
24. 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
nearshoring
Negative Externality
Customs Union
Negative Externality
25. Markets have been extended in geographical scope through international agreements to open national territories to trade and investment
Intellectual Property
Intellectual Property
Traded Interdependencies
Open economies
26. Generic categories of elements that are required for production of a good or service to occur
Human Capital
traditional economies
Factors of Production
Intellectual Property
27. Location economies created through formal interactions between firms
Capitalist Economy
Traded Interdependencies
Engel's Law
socially constructed
28. Emphasizes social relationships and process that create or modify their characteristics
Open economies
modern economies
Globalization
socially constructed
29. 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
leading economies
Traditional Economy
Engel's Law
30. As incomes rise - a lower proportion of income is spent on food
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31. A graduated series of geographical terms used to classify or organize spaces - places - or processes
Traded Interdependencies
Traded Interdependencies
Negative Externality
geographical scale
32. Those that tend to use older production technologies and lack newest products
Traditional Economy
nearshoring
lagging economies
Intellectual Property
33. Directed enterprise - state ownership of production - quota/planned distribution
socially constructed
Positive Externality
Development
Command Economy
34. Process of growth - change - and differentiation of an economy
Human Capital
Engel's Law
Engel's Law
Development
35. Production - price - exchange - and distribution regulated by custom
Division of Labor
Negative Externality
Traded Interdependencies
Traditional Economy
36. Worldwide processes through which the world - its economic systems - and societies tend to become more uniform - more integrated - and more interdependent
negative externality
Globalization
Engel's Law
modern economies
37. How the various steps in a production process tasks are assigned to different workers
GDP
Positive Externality
Division of Labor
socially constructed
38. Emphasizes social relationships and process that create or modify their characteristics
lagging economies
Capitalist Economy
socially constructed
Human Capital
39. Free enterprise - private ownership of production - market-based exchange
Negative Externality
Capitalist Economy
Intellectual Property
Globalization
40. Those with highest degree of use of new technologies for production and highest degree or range of new products
lagging economies
Human Capital
Intellectual Property
leading economies
41. Those that tend to use older production technologies and lack newest products
Positive Externality
Capitalist Economy
lagging economies
Development
42. A from of international economic integration in which member countries have free trade and the same trade policies toward all non-member countries
Factors of Production
lagging economies
Customs Union
Negative Externality
43. A cost or damage that spills over on another party
traditional economies
Negative Externality
Open economies
Intellectual Property
44. Consumption - investment and government expenditures. net exports
GDP
negative externality
Division of Labor
traditional economies
45. Creations of the min including inventions - creative artistic works - as well as symbols - names - and designs
Traditional Economy
Intellectual Property
Human Capital
traditional economies
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
Traditional Economy
nearshoring
Negative Externality
modern economies
47. Consumption - investment and government expenditures. net exports
Globalization
GDP
Human Capital
Customs Union
48. Education - knowledge - skills - and abilities of a labor force
Positive Externality
Human Capital
GDP
Engel's Law