Economics Vocabulary Quiz 2

20 Questions  I  By Jessicaleague
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.  

  
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Question Excerpt

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