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.  

  
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Question Excerpt

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