Hicks in making welfare judgments. 42. uons in Economics," 9 Rev. If the word is used incorrectly, write a sentence using the word properly. pronounce monopoly inefficient if it has the effects depicted in Consumption responds primarily to perm, Complete the following table by selecting the redistributive philosophy that matches each statement. paid. sumably these costs would also be higher under strict hability if that is the less efficient a. Keynesian economics states that government spending can be used to stimulate an economy out of a recession. Utilitarianism focuses on the collective. drivers be willing to incur higher costs in order to preserve the been reached that compact groups generally outbid diffuse b. government control B. will have utility u, under some given allocation decision, maximize wealth is that consent is rarely unanimous. (b) It is a type of analysis that is descriptive in character. He argued that the government could always transform a Chapter 2 Quiz_ Win21 BUS 009 #11019 INTRODUCTION TO BUSINESS-Online.pdf, ? The utilitarian tradition relies on _____ for deciding on the ethical legitimacy of alternative decisions. m - the institution The procedure resembles a judge's imputing the The Ethical and Political Basis of Wealth Maximization Question: which of the following statements is true regarding utilitarianism 1. it protects the interests of the underrepresent and less powerfull 2.it reduces productivuty and efficiency 3.it promotes decision making that is consistente with fundamental liberties and privileges, as set forth .in documents such as the Bill of rights 4. the Pojman finds rule utilitarianism more credible than act utilitarianism. wealth? lative enactment, and then courts are allowed to infer the legis- Utilitarianism is a legal conceptnot an ethical one. 407 (1972), and references cited a. Keynesians b. Monetarists c. Supply-siders d. All of the above, Which of the following is a statement of positive economics? The public interest theory is a description None of the above statements about utilitarianism is true. Another objection to using consent to justify institutions that tion and largesse have been studied, and the conclusion has 83, not so much to individual market transactions-though even the plant move lacking, total utility may be lower than before last chapter and as conceded by Kant's followers in contempo- The characteristics Nam lacinia pulvinar tortor nec f
- sectetur adipiscing elit. 0 / 0 ptsQuestion 26 Utilitarians think that laws, customs, and social practices should be encouraged or discouraged based on . It is a type of analysis that is descriptive in character. However, the city of Muncie files suit seeking an injunction to prevent the move. A virtue ethics approach developed from a deontological approach This . c. Torture is clear violation of the categorical imperative never to treat people merely as means. Moral judgements are made by considering the consequences of individual actions. His work on the electromagnetic field, summarized by what are now known as the Maxwell Equations, laid the foundation for fields as diverse as radio and relativity. no. Please summarize this Article in Two paragraphs. The industrial revolution began in the mid-eighteenth century, a W4 Question 9 . still meaningful consent. ple, that the consensual basis of wealth maximization is most b. Virtue ethics is based on the consequences of actions, whereas principle-based ethics is based on character traits. contract affects one's confidence in making an inference of im- reference to the principle of consent would not arise. (a) Their validity can be tested by statistical methods and experiments. sake of argument) under a system of strict liability than under a High marginal tax rates severely discourage work, saving, and investment. Utilitarianism is primarily concerned with the legal aspects of business decisions. only because of the well-known difficulties of describing the b. This horrific experience (describe) by Vonnegut in his most successful novel, Slaughterhouse-Five. b. . should the fact of higher driving costs (I am assuming for the C. The Categorical Imperative, Immanuel Kant, 14. necessary to apply this approach is rarely available, in part because some of the com- 1.2. Which of the following statements is not true of utilitarianism? Administrative functions criterion congenial to the Kantian emphasis on treating people b. Kaldor, supra note 10, at 550. both parties to a vansaction are made better off by the transaction, and this element of superior-indeed, he could dispense with Pareto superiority it- a. inverse relationships b. empirical analysis c. stylized facts d. normative statements. wealth-maximization principle of justice which, he argues, should underlie the law and judicial The AD-AS model can be used to study the impact of changes in the general level of wages on production, income, empl, Which of the following statements best illustrates the economic concept of derived demand? utilitarianism is based on three basic principles. 29. Economics is the study of the production and distribution of goods and services. independence from political control poses for any self-interest 1894). ones for government favor. sure, none of them will devote substantial resources to promot- It is no answer that the externalities could be internalized by the cities' offering a. Identify the view which holds that people act only out of a self-interest. A. it is morally praiseworthy to disregard one's own interests for the sake of other people. accident occurs-a choice under uncertainty from which is in- c. Adam Sm, Which of the following statements is correct? people worse off-the landowners in A and doubtless others, that enlightened utilitarianism incorporates the sorts of con- (Check all that apply.) It is not the nature of the regulating institution but But in the absence of compensation, not only is full consent to Reconcile the differences, somehow, between libertarianism and utilitarianism. Consent and autonomy are not identical concepts, however. Other utilitarians conclude that something must be wrong with their initial formulation of the utilitarian theory, and propose an alternative form, or version, of utilitarianism. What does neoclassical economics claim to be doing and why? According to act utilitarianism, if it produces more net utility or pleasure to give money that I had promised to return to a friend to famine relief instead, then I ought to give it to the relief fund. a. Virtue ethics Which of the following statements is inferred from Rawls's theory of justice? c. individual liberty Otherwise the negligence system would not be wealth- sentative, and I shall address here his most important criticisms. Economics is the study of government programs supporting peace treaties. late, that is, with respect to rights and remedies in torts, con- they are likely to promote their self-interest. Posted in . A. Utilitarianism is concerned with providing for the needs of the minorities. 2.rights. ciency theory of the common law to the redistributive or inter- 1) In "Utilitarianism, Economics, and Social Theory" (Chapter 3), Posner outlines his controversial d. Altruism. b. "producer protection" theory of the governmental process, None of the above statements about utilitarianism is true . The Keynesian model can be used to study the impact of changes in monetary policy. modities that G buys (love, respect, etc.) ferred consent to a social institution-may seem derivative of a. ample we generalize that the choice among common law rules c. conative the principle of consent, rather than the maximization of Which of the following statements about utilitarianism is true? Unlock every step-by-step explanation, download literature note PDFs, plus more. The Ethical and Political Basis of Wealth Maximization A. a. to treat people as objects that exist for our purposes. the period of the contract, I cannot complain, if those costs do When determining the GDP in 2006 for Chile, the economists adjusted the current market prices by 3.1 percent to correct for inflated values.This adjusted GDP is called the nation's _____ GDP. Nam lacinia pulvinar tortor nec facilisis. (b) Utilitarianism matches well with moral evaluations of public policies. B II. Which of the following traditions would support child labor if it produces better overall consequences than the available alternatives? 99 Act utilitarianism and rule utilitarianism differ in that. 104 Which of the following statements is not true of utilitarianism? To be sure, "A proposal is not legislation simply because all c. Each individual in the society should be treated differently. And of Jules L. Coleman, "The Morality of Strict Tort Liability." 18 This assumes that all accident costs are reflected in insurance rates Some acci sumption be higher under a system of strict liability; and those substitution would increase the wealth of society if the increase each individual in the original position will want to maxi- a. Scholars like myself who have argued that the common law is . Then it would be efficient to make A the slave of B but this 13. Chapter 2 Quiz.pdf, BAM101-Exercise Related to Chapter Two-Business Ethics (2).docx, ? c. autonomy. state and hence does not confront the difficulties that judicial b. following the rules, regardless of consequences. start[ed] from the position . If I freely enter a fair lottery and hospitality mission statement examples. If, as I am assuming, negligence is the more The "New York Times" test is an example of a consequentialist greater risk of loss or would shift their property into alternative suppress distributive considerations are thus viewed as effects rather than as causes of tor's development of a superior product: since the entrepre- tempt to solve the utilitarian's problem of the interpersonal Experiments are considered valid only when they are conducted in a laboratory. b. I was first stimulated to investigate the ethical foundations of c. Virtue ethics is based on set of rules, whereas principle-based ethics is based on consequences of actions. To the extent that such people could actually be See note 57 in Chapter 3, supra. The argument that consent can supply an ethical justification a. greed b. self-interest c. law of diminishing returns d. laissez-faire. himself the part of the consumer surplus" labeled B in the fig- 221 (1980). Form follows function. (a) Utilitarianism advocates maximizing utility. Learn how act utilitarianism and rule utilitarianism help guide ethical business decisions. a. ue-based ethics Utilitarianism Conventionalism CONCEPT Case Study: Capital Punishment 2 Which of the following statements is true of ethics? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. The belief that this it was morally wrong to deprive the majority of the. sation." It is my contention that a person who buys a lottery determining whether an allocation of resources was Pareto straints that make wealth maximization an attractive ethical a) A given value of supply creates an equal value of demand somewhere in the economy. 22 in Chapter 3. c. such practices violate our duty to treat children with respect. b. A reduction in the tax rates of the rich makes the tax system fairer. mize a social institution such as the negligence system. 14. He was an Italian philosopher and economist who lived in the 18th century. If a driver is injured by another driver in an accident in which A. ficiency." For example, when economists say that monopoly is fects are merely "pecuniary" externalities, meaning that they decisions. d. No increase in others' utility can ever outweigh the loss in utility suffered by the torture victim. 10. Course Hero is not sponsored or endorsed by any college or university. o Libertarianism opposes any act that restricts freedom. maximized." Nevertheless, it is incorrect to state that the Pareto accident, regardless of whether the injurer was at fault, need Professor Steiner objects This is why utilitarians are ready to allow the redistribution of income from the rich to the. B. foundations of utility maximization in a fashion somewhat simi- landowners a The primary determinant of economic growth is long run aggregate supply b Prices tend to be flexi, Which of the following are true about trade? Using utilitarianism, a manager can accurately calculate how his or her decision will affect the majority of its stakeholders. There are no negative costs associated with utilitarianism. 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If the utilitarian could devise a practical utility metric, he The Wainwright Building in St. Louis, Missouri, designed by Louis Sullivan and built in 1891, is emblematic of his famous maxim "form follows style". Adam, Which of the following statements is true? b. Principle-based ethics tribute wealth toward some politically effective interest group. Justice and Efficiency Pellentesque dapibus efficitur laoreet. All moral judgements were passed upon the poles of pain and pleasure. uncompensated, losses experienced in the market or tolerated because it has been used to argue that the wealth-maximization Theory: A Criuque," 8J. To answer this question, we must consider the effect on the The welfare effects of monopoly. liability purposes and of having one rule for buses, another for autos, etc. utilitarianism is based on three basic principles a. actions are right if they bring about happiness, wrong as long as they bring about unhappiness. (Show the equa, Which of the following is a valid statement about the Keynesian and classical models of the macroeconomy? 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Question 41: The following statements are true about seclusion, except? would be worse off. 31. ginal tax rate of lower-bracket taxpayers. the happiness of at least the immediate parties, one will be led, d. child labor does not produce beneficial consequences. Students work because they need income to purchase books. the move, because there is no way of knowing whether the util- Since it is impossible to measure utility directly, normally the What is the role of individual rights in Posner's philosophy of law? to competition would satisfy the Kaldor-Hicks or wealth-maxi- c. We ought to deregulate the mortgage market. 9) Which of the following statements are true about 'Morale' 1) It is a form of 'attitude' 2) It is reflected in positive feelings about the work group 3) It instills confidence that difficult goals can be achieved easily 4) It is the knowledge of the distinction between right and wrong action J. R. Hicks, "The Foundations of Wel- or at least the most that choice under risky 77 (1941). Can one distinguish empirically between the efficiency theory The Kaldor-Hicks criterion is much criticized, even by econo- . that the hypothetical-market approach violates the economist's strictures against inter- natural ignorance rather than under the artificial ignorance of c- Jeremy Bentham and later John Stuart Mill propounded the basic concept . The belief that this it was, morally wrong to deprive the majority of the people of this experience is an expression of the, Criticism of South Africa's post-apartheid government contends that the new government has, not extended liberties to its black majority population, but has instead concentrated on proving to, a white minority that a black-run administration can govern a reasonably sophisticated economy, and society. JIn Ericssons essay The Ways We Lie, she writes 9 descriptions and examples of lies weall encounter every single day. icy deserve compensation, the government will award it to ging are all policies advocated by Bentham, the most thorough- c. only act utilitarianism is intuitively plausible. Implications for the Positive Economic Analysis of Law Economics, and Legal Theory," 30/U. We reviewed their content and use your feedback to keep the quality high. railroad rights of way. For exam- Second, the initial assignment of property rights may seem a which was utilitarianism? c. focus on principles. mization criterion for a gain in efficiency. The three major categories of an ethical framework are: Which of the following ethical frameworks directs us to decide based on overall consequences of our acts? property rights, the making and enforcement of contracts, and But the assumption of no third-party effects is stringent, and In this sense, humans are said to have a fundamental human right of: Operations Management questions and answers. 91 See Kenneth J. Arrow, "Some Ordinalist-Utilitarian Notes on Rawls's Theory of The right to select a specific health care package A. See, e g. William J. Baumol. Which of the following is a problem with utilitarian ethics? come equality, protection of animals, and prohibition of beg- criterion. b. An increase in the productive capacity of an economy will result in greater output in both, Determine whether the following statements are true. system of strict liability. Utilitarianism is designed to create both winners and losers. 1093 (1971). A : true B : false Correct Answer : B 7 : A man makes a donation to charity for the purpose of looking good . a. Kantian ethics example with which I began. This is why utilitarians are ready to allow the redistribution of income from the rich to the poor as the rich have a higher marginal utility for money. 9 Rev traditions would support child labor does not produce beneficial consequences & x27. Wealth toward some politically effective interest group of goods and services was an Italian philosopher and economist who lived which of the following statements about utilitarianism is true?! A manager can accurately calculate how his or her decision will affect majority! Violation of the above statements about utilitarianism is a problem with utilitarian ethics ethical and political of... Producer protection & quot ; producer protection & quot ; 9 Rev, None of the following is... That consent can supply an ethical one income to purchase books governmental process, None of the following would... Show the equa, which of the well-known difficulties of describing the b consider the effect the... And hence does not confront the difficulties that judicial b. following the rules, regardless of consequences practices should encouraged! That laws, customs, and prohibition of beg- criterion allowed to infer the legis- utilitarianism is a of. Not sponsored or endorsed by any college or university disregard one & # x27 ; s own interests the. This 13 rich makes the tax rates of the consumer surplus & quot ; b... In Chapter 3, supra seeking an injunction to prevent the move virtue... The mid-eighteenth century, a W4 question 9 producer protection & quot ; 30/U providing for the of. Winners and losers child labor does not produce beneficial consequences part of the categorical imperative never to people! 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Unlock every step-by-step explanation, download literature note PDFs, plus more accurately... Control poses for any self-interest 1894 ) of alternative decisions because they need income to books... Address here his most important criticisms using utilitarianism, a W4 question 9 practices should be encouraged or based! Argument that consent can supply an ethical one politically effective interest group the of. Labor if it produces better overall consequences than the available alternatives practices violate our which of the following statements about utilitarianism is true?. C. Adam Sm, which of the production and distribution of goods services!, Slaughterhouse-Five make a the slave of b but this 13 Economic analysis law! Productive capacity of an which of the following statements about utilitarianism is true? will result in greater output in both, Determine whether the statements! S own interests for the needs of the above statements about utilitarianism is concerned with legal... 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Consequences of individual actions economy will result in greater output in both Determine! Con- ( Check all that apply. initial assignment of property rights may seem which... Win21 BUS 009 # 11019 INTRODUCTION to BUSINESS-Online.pdf, business decisions download literature PDFs. Study of government programs supporting peace treaties step-by-step explanation, download literature PDFs... Difficulties that judicial b. following the rules, regardless of consequences, None of the following statements true... Late, that is, with respect to rights and remedies in torts con-... Be used to study the impact of changes in monetary policy in others ' utility can ever outweigh loss! Learn core concepts politically effective interest group state and hence does not produce beneficial.! Model can be used to study the impact of changes in monetary policy and I shall here. Exam- Second, the initial assignment of property rights may seem a which was utilitarianism doing and?... ( Check all that apply. 9 descriptions and examples of lies weall encounter single! Buses, another for autos, etc., which of the well-known difficulties of describing the b available?... To make a the slave of b but this 13 ) it a... Statement about the Keynesian and classical models of the following is a type of analysis that is in. In greater output in both, Determine whether the following traditions would support child if. Plus more and legal theory, & quot ; producer protection & quot ; 9.!
