A Market That Operates Outside the Legal System, Either by Selling

question 194

Multiple Choice

A market that operates outside the legal system, either by selling illegal goods or by selling goods at illegal prices is referred to in economics as a

• A) gray market.
• B) resource market.
• C) black market.
• D) criminal market.

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Definitions:

Formal Religion

Organized religious practices and institutions that have structured doctrines, rituals, and clergy, as opposed to more personal or informal spiritual beliefs.

Agnostics Or Atheists

Individuals who either doubt the existence of God or gods (agnostics) or deny the existence of any deities (atheists).

Secularization

The process by which developed societies move away from explanations based on religion to ones based on science, rationality, and logic.

Rationality

The quality of being based on or in accordance with reason or logic.