Which Example Would Be Considered a Black Market Transaction

question 114

Multiple Choice

Which example would be considered a black market transaction?

• A)a tenant in a rent-controlled apartment subletting at a higher rent
• B)the purchase of an inferior radio at a department store
• C)waiting in line during the gasoline shortages of the 1970s
• D)the oil market

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Definitions:

Take It or Leave It

A term commonly used in negotiations where one party presents a final offer to the other party, who must either accept it without changes or reject it entirely.

Lemuel Boulware

Was a corporate executive known for his strategy of dealing with unions and employees, which involved offering what he considered fair increases in wages and benefits up front, thus limiting negotiations.

Refusal

The act of declining to accept or comply with something such as an offer, proposal, or instruction.

Unilateral Change

Actions taken by an employer to alter conditions of employment (such as wages, hours, or terms) without consent or negotiation with the labor union.