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






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






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






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






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






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






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






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






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






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






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






13. Location economies created through formal interactions between firms






14. Production and consumption at local levels for community survival






15. 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






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






17. Consumption - investment and government expenditures. net exports






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






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






20. Beneficial spillover on another party






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


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






23. Beneficial spillover on another party






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






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






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






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






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






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






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






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






32. Consumption - investment and government expenditures. net exports






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






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






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






36. Production and consumption at local levels for community survival






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






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






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






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






41. Location economies created through formal interactions between firms






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






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






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


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






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






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






48. 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