Supply and Demand Determine Prices and Prices Allocate the Economy's

question 125

True/False

Supply and demand determine prices and prices allocate the economy's scarce resources.

---

Definitions:

Republican National Convention

A political convention held every four years by the Republican Party of the United States to nominate a candidate for President and Vice President and adopt the party's platform.

Law and Order

A principle of governance centered on legal constraint, enforcement of law, and the maintenance of public order.

Hart-Celler Act

The Immigration and Nationality Act of 1965, which abolished national-origins quotas and significantly changed American immigration policy.

Immigration Quota

Limits set by governments on the number of immigrants allowed to enter a country each year, often based on nationality, occupation, or other criteria.