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