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






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






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






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






5. Consumption - investment and government expenditures. net exports






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






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






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






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






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






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






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






13. Beneficial spillover on another party






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






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






16. Production and consumption at local levels for community survival






17. Beneficial spillover on another party






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






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






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






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






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






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


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






25. Location economies created through formal interactions between firms






26. Production and consumption at local levels for community survival






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






28. Consumption - investment and government expenditures. net exports






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






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






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






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






33. 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






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






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






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






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






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






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






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






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


44. 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






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






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






47. Location economies created through formal interactions between firms






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