ECONOMICS K15 ALL ANSWERS 100% CORRECT FALL-2021 SOLUTION AID GRADE A

True or False no Why Study Ethics 1 1 According to one perspective of business ethics, no one other than business managers and owners may claim to have a stake in the business decisions managers make. TRUE A) FALSE B) The free market view holds that maximizing profits for its shareowners and providing the public with the goods and services they want, is enough to satisfy a business’ social responsibility. TRUE A) FALSE B) The common understanding of business social responsibility is that business owners may well have to sacrifice profits if the well-being of its employees and the community it operates in demands it. TRUE A) FALSE B) Because the language of ethics is so different from talk about the operational fields of finance, marketing, accounting, management, law, and human resources, ethical concepts and categories are not relevant to these fields. TRUE A) FALSE B) Because people already know right from wrong, the study of business ethics is simply an unprofitable exercise. TRUE A) FALSE B) If something is seriously wrong, the law will prohibit it. Consequently, it’s enough to rely on the law for deciding what’s right or wrong. TRUE A) FALSE B) What people do value and what they should value are not necessarily the same TRUE A) FALSE B) The major reason to study ethics is that whether or not we examine the questions “what should I do?” or “what type of person should I be?” or “how shall we live in community?” we answer them in the course of living our everyday lives. TRUE A) FALSE B) As long as individuals follow the mores, customs, and rules of their culture or society, they are assured that their actions are ethically correct. TRUE A)FALSE B) Philosophical ethics distinguishes what people do value from what they should value. TRUE A) FALSE B) Which statement correctly reflects the free market view of business social responsibility? A) In addition to making a profit, businesses are just as responsible for seeing to the well-being of their employees and the communities in which they operate B) No one other than the managers and owners of a business may claim to have any stake in the business decisions managers make. C) In the process of providing goods and services to customer who need and want them and maximizing profits for its shareowners, a business fulfills its social responsibility D) A business is responsible for maximizing profits for its shareowners, but, in special circumstances, may have to sacrifice profits in the interest of the community whose citizens depend on it for employment. Which of the following statements is decisive in determining whether or not to study business ethics? A) Business managers don’t need to study ethics in order to know how to treat employees, shareowners, and customers. B) Business and ethics simply don’t mix. In the final analysis, self-interest represented by profit overrides the interests of employees, customers, and communities. Opinion and sentiment get in the way of efficient business decision-making. C) Ethical concerns are as unavoidable in business as are concerns of marketing, accounting, finance, and human resources. Formal study of business ethics helps address these concerns so that decisions of right and wrong may be made deliberately. and conscientiously D) The answers to ethical questions are clear-cut enough; all business people already know right from wrong. Which statement correctly describes the relationship between philosophical ethics and ethos? A) Individuals who obey the conventions, mores, and rules of their cultures are already acting ethically. No further philosophical reflection is required. B) Philosophical ethics distinguishes what people do value from what they should value. C) What people do value and should value are, for all practical purposes, the same. D) Philosophical ethics is too abstract to be useful in everyday life situations. Following the mores and customs of one’s culture is a more dependable way to make moral decisions. Which statement does not reflect the idea of ethical relativism: A) All opinions are equal; no one can say what is ethically right or wrong. B) One's culture, society, or personal feelings are the only criteria for deciding what is ethically right or wrong. C) Determining what is ethically right or wrong is a process of arguing from an appeal to values and principles that justify and legitimize an opinion. D) Philosophical ethics is simply a process of clarifying values, not a process of justifying them. Which of the following intellectual disciplines provides absolute proof of its conclusions? A) The social, biological, meteorological, and medical sciences. B) Ethical judgments based on well-reasoned arguments from sound moral principles. C) The applied sides of engineering, chemistry, and physics. D) All of the above. E) None of the above. Which statement is a correct view of psychological egoism? A) While our own interests are important, they make sometimes have to give way to the interests of others. B) Psychological egoism makes claims about how people should act. C) If psychological egoism is true, we should abandon ethics. D) Psychological egoism does not claim to provide an accurate descriptive account of human behavior. Identify the statement that is consistent with utilitarian ethical theory: A) Adhering to a set of principles may well forbid an act that would otherwise provide overall net good consequences. B) No act is ever morally right or wrong in all cases, in every situation. It will all depend on the act's consequences. C) Some actions like murder, theft, rape, and lying are wrong of their very nature, the kind of acts they are. No amount of net good consequences could ever justify them. D)The end never justifies the means. Which statements are legitimate challenges to utilitarian ethical theory? A) The end may justify the means. B) There is no consensus among utilitarians on how to measure and determine the overall good. C) It is difficult to know how to consider the consequences for all the parties that will be affected by an act. D) It is difficult for the utilitarian to find a balance between individual freedom and the overall good. The more utilitarians emphasize freedom the more likely they hold more relativistic accounts of the good. E) All of the above. F) None of the above. Which of the following reasons accounts for utilitarianism's dominance among policy makers and administrators? A) It seems obvious that policy questions should be judged by results and consequences. B) Policy experts at all levels are focused on results and getting things done. C) Efficiency is simply another word for maximizing happiness. D) Policy experts focus on the collective or aggregate good. E) All of the above. F) None of the above. Which proposition correctly describes the concept of a right? A) Rights protect a person's wants. B) There is really no distinction between a person's wants and interests. Rights protect both. C) Rights protect a person's interests. D) My rights never correspond to your duties and your duties never correspond to my rights. Which statement is not true of deontological ethics? A) Obligations, responsibilities, and commitments determine the correct approach to ethics. B) While we are committed to the dignity and well-being of individuals, an individual may have to sacrifice his or her rights in order to generate a net increase in the collective good. C) Certain acts are wrong and should not be performed, regardless of the overall happiness they may produce. D) The end does not justify the means. Which statement is not true of Kant's categorical imperative: A) We should act only on maxims that can be universally accepted and acted upon. B) Universalization of maxims prohibits us from giving our personal point of view privileged status over the points of view of others. C) Our fundamental ethical duty is to treat other human beings as autonomous persons who may choose their own ends and purposes, not simply as means for the ends of others. D) The inability to universalize the maxim of an act may sometimes be ignored if the act in question will produce the greatest good for the greatest number. According to ethical relativism, there is no right or wrong except in terms of what a particular culture or society practices or what a person's feelings about an issue are. Values such as equality, fairness, integrity, self-respect, and freedom from coercion are simply a matter of personal or social opinion. TRUE A) FALSE B) Mathematics, the more theoretical side of physics, engineering and chemistry, and all ethical judgments based on careful logical analysis and reasoning provide us with conclusions that are absolutely certain and beyond doubt. TRUE A) FALSE B) Because psychological egoism and ethical egoism both focus on what is in the individual's self interest, there is really no difference between them. TRUE A) FALSE B) The claim by psychological egoism that human beings act only out of self-interest is irrefutable. TRUE A) FALSE B) Because utilitarianism focuses on consequences, producing the greatest happiness for the greatest number, as the sole criterion for determining ethical right and wrong, no action is ever right or wrong in itself, in all cases, in every situation—even, perhaps, murder, rape, theft, deceit and lying. TRUE A) FALSE B) Deontological ethics refers to the concept that certain duties: obligations, commitments, and responsibilities, not consequences, determine the correct path to ethical decision- making. TRUE A) FALSE B) Deontological ethics might allow the sacrifice of individual rights if the overall good demanded it. TRUE A) FALSE B) According to Kant, any action's maxim that cannot be universalized is ethically wrong. and should not be performed. TRUE A) FALSE B) One way to understand rights is to identify them with a person's wants. Rights protect these wants even though, objectively, they may conflict with what is really good for a person. TRUE A) FALSE B) The theory of virtue ethics focuses on a full and detailed description of those character traits that would constitute a good and human life. Egoism is simply not a factor in the ethical decision-making of caring, empathetic, charitable, and sympathetic persons. TRUE A) FALSE B) Which statements are characteristic of virtue ethics? A) Our character traits are easily modified, almost on a day-to-day basis if we so choose. B) Like Kantian ethical theory, virtue ethics requires that we disregard personal emotions and feelings. C) Virtue ethics is about describing people as good or bad. D) Even if a person is caring, empathetic, charitable and sympathetic, the challenge of egoism is still a factor in his or her decision-making. E) All of the above. F) None of the above The free market, classical, theory of corporate social responsibility relies on utilitarianism and the concepts of individual rights to freedom and property for its ethical justification. A) TRUE B) FALSE To use a company's resources for a project that does not contribute to maximizing profits is sometimes acceptable and even sometimes required under the classical model of corporate social responsibility. A) TRUE B) FALSE If the costs of externalities like air pollution, ground water contamination and depletion, soil erosion, and nuclear waste disposal are borne by parties who are not involved in the exchange between buyer and seller, the exchange price does not represent an equilibrium between true costs and benefits. A) TRUE B) FALSE