econ 6.3 st gd
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| What is an example of a price ceiling? | Rent control.
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| What is an example of a price floor? | Minimum wage.
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| Price ceilings that are artificially low are likely to create what situation? | Shortages.
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| Price floors that are artificially high are likely to create what situation? | Surpluses.
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| What does the federal minimum wage law demonstrate about society? | Fair wage requirement for all.
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| What is meant by the phrase "markets talk"? | When prices in the market move up or down significantly.
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| When economic or political conditions are unstable, what happens to the demnad for gold? what about its price? | The demand for gold increase. The price for gold goes up.
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| Why might a government intefere in a market economy by setting prices? | To help and reshape the economy.
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