Economics Vocabulary Quiz 2

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