Behavior That Conforms to Individual Beliefs and Social Norms About

question 124

Multiple Choice

Behavior that conforms to individual beliefs and social norms about what is right and good is referred to as ________.

• A) collusion
• B) social reaction
• C) ethical behavior
• D) GAAP

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Definitions:

Excise Taxes

Taxes paid when purchases are made on a specific good, such as gasoline or tobacco, often included in the price of the product.

Transfer Payments

Payments made by the government to individuals for which no goods or services are required in return, such as welfare benefits and pensions.

Government Spending

Expenditures by the government sector on goods and services, including salaries of public servants, public investments, and social benefits.

Great Recession

A severe global economic downturn that took place from late 2007 through mid-2009.