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






2. Location economies created through formal interactions between firms






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






4. Consumption - investment and government expenditures. net exports






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


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






7. Location economies created through formal interactions between firms






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






9. 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






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






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






12. Production and consumption at local levels for community survival






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






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






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






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






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






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






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






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






21. Beneficial spillover on another party






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






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






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






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






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






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






28. Beneficial spillover on another party






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






30. 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






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






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






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






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






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






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






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






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






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






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






41. Consumption - investment and government expenditures. net exports






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






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






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






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


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






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






48. Production and consumption at local levels for community survival