Match the Term with the Definition

question 25

Multiple Choice

Match the term with the definition.
-Legislation signed by President Clinton in 1996 that replaced Aid to Families with Dependent Children with Temporary Assistance for Needy Families. It provided grants to the states to assist the poor and limited welfare payments to two years, with a lifetime maximum of five years.

• A)Americans with Disabilities Act (ADA)
• B)Clean Air Act of 1990
• C)Earned Income Tax Credit (EITC)
• D)Iraq War
• E)Patient Protection and Affordable Care Act
• F)Persian Gulf War
• G)Personal Responsibility and Work Opportunity Reconciliation Act
• H)No Child Left Behind Act
• I)North American Free Trade Agreement (NAFTA)
• J)USA Patriot Act
• K)World Trade Organization (WTO)

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Definitions:

Demand

The quantity of a product or service that consumers are willing and able to purchase at various prices during a specified period of time.

Less Elastic

Describes a situation in which the demand or supply for a good or service is less responsive to changes in price.

Elasticity

An economic measure of the sensitivity of demand or supply to changes in price, income, or other factors, affecting the quantity consumed or supplied.

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good.