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Economics Vocabulary Quiz 2

20 Questions  I  By Jessicaleague
Economics Vocabulary Quiz 2
Choose the best term to match the definition.   This is for practice only.   Results are not graded.   You may take this quiz as often as you wish.  

  
Changes are done, please start the quiz.


Question Excerpt

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1.  A minimum price for a good or service. 
A.
B.
C.
D.
2.  A maximum price that can be legally charged for a good or service. 
A.
B.
C.
D.
3.  The amount of goods and services in the economy. 
A.
B.
C.
D.
4.  A market structure in which a large number of firms all produce the same product. 
A.
B.
C.
D.
5.   A price index determined by measuring the price of a standard group of goods meant to represent the typical "market basket" of a typical urban consumer.
A.
B.
C.
D.
6.  A market dominated by a single seller. 
A.
B.
C.
D.
7.  A situation in which the government spends more than it takes in. 
A.
B.
C.
D.
8.  The use of government spending and revenue collection to influence the economy. 
A.
B.
C.
D.
9.  A business organization owned by two or more persons who agree on a specific division of responsibilities and profits. 
A.
B.
C.
D.
10.  Goods used in place of each other. 
A.
B.
C.
D.
11.  The total amount of goods and services in the economy that are consumed. 
A.
B.
C.
D.
12.  The nation's central banking system 
A.
B.
C.
D.
13.  The amount of goods available. 
A.
B.
C.
D.
14.  Rate the Federal Reserve charges for loans to commercial banks. 
A.
B.
C.
D.
15.  Unemployment that rises during economic development and falls when the economy improves. 
A.
B.
C.
D.
16.  A business owned and managed by a single individual. 
A.
B.
C.
D.
17.  A recession that is especially long and severe. 
A.
B.
C.
D.
18.  A market structure in which a few large firms dominate a market. 
A.
B.
C.
D.
19.  A period of macroeconomic expansion followed by a period of contraction. 
A.
B.
C.
D.
20.  Unemployment that occurs when people take time to find a job. 
A.
B.
C.
D.
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