The Supremacy Clause of the U

question 33

Multiple Choice

The supremacy clause of the U.S. Constitution states that

• A) the constitution of Texas is the supreme law in Texas.
• B) laws passed by the national government are supreme over all state laws.
• C) the president is the supreme government authority throughout the United States.
• D) all laws passed by the Texas legislature are supreme, even if they conflict with federal laws.
• E) state laws take precedence over national laws when they conflict.

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Definitions:

Labor Supply

The total hours that workers in an economy are willing and able to work at a given overall wage rate.

Wages

Wages are payments made to employees for their labor or services, typically calculated on an hourly, daily, or piecework basis.

Factors of Production

The inputs used in the production of goods or services in the process of creating economic value; these typically include land, labor, capital, and entrepreneurship.

Monopsony Firm

A market situation where there is only one buyer or a dominant buyer for a product or service, giving that buyer substantial control over market prices and terms.