Economics Vocabulary Quiz 2

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