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Economics Vocabulary Quiz 2

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