An Increase in the Price of a Good Would

question 8

Multiple Choice

An increase in the price of a good would

• A)increase the supply of the good.
• B)increase the amount purchased by buyers.
• C)give producers an incentive to produce more.
• D)decrease both the quantity demanded of the good and the quantity supplied of the good.

Acknowledge the differentiation between civil law and criminal law in terms of legal liability.

Recognize the importance of legislative purpose in statutory interpretation and the tools used by courts to resolve ambiguities.

Understand the distinction between substantive and procedural law.

Recognize the hierarchy of laws within the U.S. legal system and the concept of federal supremacy.

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Definitions:

Minimum-Wage Jobs

Positions that pay the lowest legal hourly rate employers are permitted to pay workers, often in unskilled or service-oriented fields.

Low-Income Cutoff

Is Statistic Canada’s term for the income threshold below which a family devotes at least 20 percent more of its income to the necessities of food, shelter, and clothing than does an average family.

Market Basket

A selected set of goods and services used to track the price level or cost of living over time.

Poverty Measure

A quantitative method used to determine the economic threshold that defines poverty, based on income, consumption, or other social indicators.