Economics Vocabulary Quiz 2

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