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

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2. Location economies created through formal interactions between firms






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






5. Production and consumption at local levels for community survival






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






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






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






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






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






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






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






13. Production and consumption at local levels for community survival






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






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






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






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






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






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






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






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






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






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






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






25. Location economies created through formal interactions between firms






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






27. 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






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






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






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






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






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






33. Beneficial spillover on another party






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






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






36. Consumption - investment and government expenditures. net exports






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






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






39. Beneficial spillover on another party






40. Consumption - investment and government expenditures. net exports






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






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






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






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

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






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






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






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