| A | B |
|---|
| What term is defined as "a general increase in price levels"? | inflation |
| What type of market only has one supplier of a product? | monopoly |
| What type of market is characterized by only a few suppliers who sell a nearly identical product? | oligopoly |
| What type of market has many different suppliers who produce a similar product? | competitive market |
| What is it called when two firms combine their business operations to form one company? | merger |
| What economic indicator is defined as “the dollar value of all final goods and services produced in a country in one year”? | Gross Domestic Product (GDP) |
| What phase of the business cycle is characterized by a growing GDP and low unemployment? | expansion |
| Which phase of the business cycle is characterized by a decline in GDP and rising unemployment? | contraction or recession |
| What economic indicator measures the percentage of jobless individuals over the age of 16 who are looking for work? | unemployment rate |
| Which economic indicator is used to measure inflation? | Consumer Price Index (CPI) |
| What is it called when a nation experiences a long and severe recession? | depression |
| What is measured by per capita GDP? | standard of living |
