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