Although Finances Are Tight, William Contributes 10 Percent of His

question 71

Multiple Choice

Although finances are tight, William contributes 10 percent of his income to a local charity purely in the interest of helping others. This is an act of

• A) reciprocity.
• B) fairness.
• C) gratitude.
• D) altruism.

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Definitions:

Government Imposes

Actions taken by governmental bodies to regulate, control, or influence various aspects of economic or social life through laws, regulations, or directives.

Demand Price

The highest price a consumer is willing to pay for a good or service, reflecting the value placed on it.

Quota Limit

A government-imposed trade restriction limiting the number or value of goods that can be imported or exported during a specified time frame.

Price Ceiling

A price ceiling is a government-imposed limit on how high a price is charged for a product, with the aim of ensuring affordability by limiting how much prices can increase.