How Is the Market for Gasoline Affected If the Excise

question 60

Multiple Choice

How is the market for gasoline affected if the excise tax on gasoline is reduced?

• A) The supply of gasoline decreases.
• B) The supply of gasoline increases.
• C) The equilibrium quantity of gasoline decreases.
• D) The equilibrium price of gasoline increases.

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Definitions:

Cultural Relativism

The principle that an individual's beliefs and activities should be understood by others in terms of that individual's own culture.

Ethical Absolutism

The moral philosophy positing that universal moral standards exist, enabling the judgment of actions as inherently good or bad, irrespective of the circumstances surrounding the action.

Ethical Absolutism

The moral principle positing the existence of definitive criteria for evaluating moral queries implies that specific deeds are inherently good or bad, irrespective of the circumstances surrounding the action.

Ethical Relativism

The belief that morality varies between individuals and cultures and that there are no absolute moral truths.