5 Written Questions
5 Matching Questions
- a Louisiana's cost for NAFTA is the loss of jobs to Mexico because of lower ___ in Mexico.
- b Even high school students often earn more than the minimum wage because of the demand for ___ labor.
- c Price controls ordered by the American military in ___ after World War II resulted in a large black market (or underground) economy.
- d Supply and demand always win out over price controls in the long term because supply and demand reflect the true ___ of goods and services
- e The government negotiates ___ agreements with foreign nations.
5 Multiple Choice Questions
- Price controls may seem helpful to ___, but cause more harm than good.
- The President's representatives negotiate ___ and the Senate confirms them in keeping with the Constitution.
- Price controls attempt to avoid the law of ___.
- ___ laws are a form of price control -- they set a minimum price for an hour of labor.
- NAFTA increases ___ in the market by lowering barriers to trade.
5 True/False Questions
shortages → Price controls result in...
labor → The minimum wage prevents teens from getting jobs as jobs are eliminated when the minimum wage is more than teen ___ is worth.
black markets → A true ___ economy is liberated from any government interference in the economy.
market → Louisiana's cost for NAFTA is the loss of jobs to Mexico because of lower ___ in Mexico.
mixed market-based → A true ___ economy is liberated from any government interference in the economy.