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Economics Vocabulary Quiz 2

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