Match the Person or Term with the with the Correct

question 12

Multiple Choice

Match the person or term with the with the correct description.
-Newt Gingrich

• A)Contract with America
• B)Panama dictator
• C)Supreme Court justice
• D)Enron
• E)attorney general
• F)triangulation
• G)Christian Coalition
• H)1992 independent presidential candidate
• I)Clinton impeachment
• J)Iraqi dictator
• K)health care
• L)Green Party

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Definitions:

Equilibrium Wage Rate

The wage rate at which the quantity of labor demanded equals the quantity of labor supplied.

Wage Rates

The fixed amount of compensation paid to employees for their labor, typically expressed as payment per hour or per month.

Income Effect

The alteration in a person's or an economy's earnings and the effect of this alteration on the demand for a specific product or service.

Substitution Effect

The economic principle that as prices rise or incomes decrease, consumers will replace more expensive items with less costly alternatives.