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