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