-When Are Black Markets Likely to Arise

question 349

Multiple Choice

-When are black markets likely to arise?

• A) when the government removes a price floor
• B) when the government enforces a price ceiling
• C) when there is a surplus of a good
• D) when the quantity supplied of a good exceeds the quantity demanded

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Definitions:

Exoneration

The legal process through which someone is officially freed from blame or found not guilty of a crime they were accused of.

Ethical Absolutism

The belief in fixed, universal principles of morality that apply to all cultures and individuals regardless of context or circumstances.

Eternal Law

In philosophical and theological doctrine, the unchangeable truth or divine wisdom that governs the universe and is the foundation for all temporal laws.

Moral Universals

Ethical standards and principles that are considered to apply to all humans regardless of culture, race, sex, religion, or nationality.