Transcript Chapter 6 (new)

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What is the smallest
amount, by law, that can
be paid to a worker for
an hour of labor?
minimum
wage
What is it called when
quantity demanded
is more than
quantity supplied?
excess demand
Which constitutional
amendment says
no cruel or unusual
punishment?
8th
Which constitutional
amendment grants
citizenship to those who
are born in the U.S.?
14th
What is a system of
allocating scarce goods
and services using some
criteria other than price?
rationing
Which constitutional
amendment grants
freedom of religion,
speech & press?
1st
What is it called when
quantity supplied and
quantity demanded
are not the same
in a market?
disequilibrium
What is another way
to say excess supply?
surplus
What are the financial
and opportunity costs
consumers pay
when looking for
a good or service?
search costs
Which constitutional
amendment deals with
States' rights?
10th
What is a market
in which goods
are sold illegally?
black market
Which constitutional
amendment says
accused persons do not
have to testify against
themselves and no
“double jeopardy”?
5th
What is a situation
in which quantity
demanded is greater
than quantity supplied?
shortage
Which amendment
granted women
the right to vote?
19th
What is the sudden
lack of availability
of a good?
supply shock
Which constitutional
amendment says
no unreasonable
searches and seizures?
4th
What is it called when
quantity supplied
is more than
quantity demanded?
excess supply
What is a maximum
amount that can be
legally charged for a
good or service?
price ceiling
What is
a minimum price
for a good or service?
price floor
Which amendment
lowered the voting age
from 21 to 18?
26th
What is the point at
which quantity supplied
and quantity demanded
are the same?
equilibrium
Which amendment
ended slavery?
13th
What amendment ended
Prohibition and made
alcohol legal again?
21st
What is a price ceiling
placed on the amount
people pay for housing?
rent control
What are costs of
production that affect
people who have no
control over how much
of a good is produced?
spillover costs