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






2. Consumption - investment and government expenditures. net exports






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






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






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






6. 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






7. Production and consumption at local levels for community survival






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






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






10. Consumption - investment and government expenditures. net exports






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






12. Location economies created through formal interactions between firms






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






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






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






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






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


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






19. Beneficial spillover on another party






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


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






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






23. Location economies created through formal interactions between firms






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






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






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






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






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






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






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






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






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






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






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






35. Production and consumption at local levels for community survival






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






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






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






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






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






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






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






43. 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






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






45. Beneficial spillover on another party






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






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






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