Economics Vocabulary Quiz 2
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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.
- 1.The amount of goods and services in the economy.
- A.
Aggregate demand
- B.
Aggregate supply
- C.
Factors of production
- D.
Open market operations
- 2.The total amount of goods and services in the economy that are consumed.
- A.
Aggregate demand
- B.
Aggregate supply
- C.
Gross Domestic Product (GDP)
- D.
Businiess cycle
- 3.A situation in which the government spends more than it takes in.
- A.
Inflation
- B.
Recession
- C.
Fiscal policy
- D.
Budget deficit
- 4.A period of macroeconomic expansion followed by a period of contraction.
- A.
Cycical unemployment
- B.
Business cycle
- C.
Depression
- D.
Frictional recession
- 5.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.
Gross Domestic Product (GDP)
- B.
Consumer Price Index (CPI)
- C.
Aggregate Demand
- D.
Market System
- 6.Unemployment that rises during economic development and falls when the economy improves.
- A.
Recessional unemployment
- B.
Cycical unemployment
- C.
Frictional unemployment
- D.
Structural unemployment
- 7.A recession that is especially long and severe.
- A.
Great recession
- B.
Depression
- C.
Communism
- D.
Stagflation
- 8.Rate the Federal Reserve charges for loans to commercial banks.
- A.
Discount rate
- B.
Elasticity
- C.
Inflation rate
- D.
Equilibrium rate
- 9.The nation's central banking system
- A.
Federal Reserve System
- B.
FDIC
- C.
GDP
- D.
Central Monetary Agency
- 10.The use of government spending and revenue collection to influence the economy.
- A.
Regressive tax
- B.
Monetary policy
- C.
Discount rate
- D.
Fiscal policy
- 11.Unemployment that occurs when people take time to find a job.
- A.
Aggregate unemployment
- B.
Cyclical unemployment
- C.
Frictional unemployment
- D.
Temporary unemployment
- 12.A market dominated by a single seller.
- A.
Monopoly
- B.
Oligopoly
- C.
Partnership
- D.
Corporation
- 13.A market structure in which a few large firms dominate a market.
- A.
Monopoly
- B.
Oligopoly
- C.
Monopolistic competition
- D.
Traditional system
- 14.A business organization owned by two or more persons who agree on a specific division of responsibilities and profits.
- A.
Entrepreneurship
- B.
Perfect competition
- C.
Partnership
- D.
Mutual fund
- 15.A market structure in which a large number of firms all produce the same product.
- A.
Monopolistic competition
- B.
Perfect competition
- C.
Oligopoly
- D.
Professional organization
- 16.A maximum price that can be legally charged for a good or service.
- A.
Price ceiling
- B.
Efficiency
- C.
Equilibrium price
- D.
Elasticity
- 17.A minimum price for a good or service.
- A.
Equilibrium price
- B.
Price floor
- C.
Monetary policy
- D.
Default price
- 18.A business owned and managed by a single individual.
- A.
Entrepreneurship
- B.
Private corporation
- C.
Sole proprietorship
- D.
Producer
- 19.Goods used in place of each other.
- A.
Substitute goods
- B.
Complementary goods
- C.
Accessory goods
- D.
Scarce goods
- 20.The amount of goods available.
- A.
Stock
- B.
Production possibilities
- C.
Aggregate supply
- D.
Supply
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