The Moral Principles and Values That Govern the Actions and Decisions

question 135

Multiple Choice

The moral principles and values that govern the actions and decisions of an individual or group are referred to as

• A) social norms.
• B) cultural values.
• C) ethics.
• D) societal philosophy.
• E) religion.

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Definitions:

Average Tax Rate

The ratio of the total amount of taxes paid to the total tax base (income), showing the percentage of income paid in taxes.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage change.

Excise Tax

A tax levied on specific goods or commodities sold within a country, such as alcohol and cigarettes.