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






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






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






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






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






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






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






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






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






12. Production and consumption at local levels for community survival






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






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






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






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






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






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






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






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






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






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






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






24. Beneficial spillover on another party






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


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






27. Location economies created through formal interactions between firms






28. Consumption - investment and government expenditures. net exports






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






30. Consumption - investment and government expenditures. net exports






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






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






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






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






35. Beneficial spillover on another party






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






37. Production and consumption at local levels for community survival






38. 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






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


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






41. Location economies created through formal interactions between firms






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






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






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






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






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






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






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