General Terms
This term describes the amount of a good or service consumers are willing to buy at a given price.
Demand
A market where one firm has complete control over the price of a product is called this.
Monopoly
This is the total market value of all final goods and services produced in a country in a given year.
Gross Domestic Product (GDP)
The Federal Reserve adjusting interest rates is example of this type of policy.
Monetary
This is the phase of the business cycle characterized by increasing economic activity and rising GDP.
Expansion
When the price of a product increases, the quantity demanded typically does this.
Decrease
This term describes a market dominated by a few large firms.
oligopoly
This occurs when an economy's GDP decreases for two consecutive quarters.
Recession
The government adjusting tax rates is an example of this type of policy
Fiscal
This phase occurs when GDP declines for at least two consecutive quarters.
recession
A situation where the quantity demanded equals the quantity supplied is called this.
Equilibrium
In this market structure, companies sell similar but differentiated products, allowing for some control over prices.
monopolistic competition
This term describes the general rise in prices of goods and services over time.
Inflation
This is the central bank of the United States.
Federal Reserve
This is the lowest point in the business cycle, where economic activity is at its weakest.
trough
This curve slopes downward.
Demand
In this market structure, one business controls the entire economy
monopoly
This is the worst kind of inflation.
Hyperinflation
This type of policy involves increasing the money supply to stimulate the economy.
monetary
This phase is when the economy reaches its highest point of activity before declining.
Peak
Which market structure leads to the lowest prices for consumers?
perfect competition
The MAIN tool used for measuring inflation rates.
Consumer Price Index (CPI)
Reducing taxes or increasing government spending to combat a recession is this type of policy.
Fiscal
A sudden and unexpected event that drastically changes demand and/or supply
shock