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






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






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






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






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






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


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






8. 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






9. Location economies created through formal interactions between firms






10. Production and consumption at local levels for community survival






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






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


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






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






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






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






17. Location economies created through formal interactions between firms






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






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






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






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






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






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






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






26. Beneficial spillover on another party






27. Beneficial spillover on another party






28. Consumption - investment and government expenditures. net exports






29. Consumption - investment and government expenditures. net exports






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






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






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






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






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






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






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






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






39. Production and consumption at local levels for community survival






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






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






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






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






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






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






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






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






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