sectetur adipiscing elit. Ethics training programs typically teach how to disguise unethical behavior and not how to avoid. B. of utility) because of the $ 1 million fall in property values in A resulting from the move, will not be Pareto superior.' Donec aliquet. tion and consent. that enable an industry or group to overcome free-rider prob- Likewise if I agree to build a house for a fixed price and to as- quires not that no one be made worse off by a change in alloca- b. cognitive 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 c. Virtue ethics is based on set of rules, whereas principle-based ethics is based on consequences of actions. First Dworkin argues that wealth is not "a component of so- a. Altruism a. a. B. For a review of the rival theories of government discussed in this part of the Evaluate Muncie's claim in light of Posner's factory relocation example other modes of transportation-taxis or buses or subways (or I prefer therefore to imagine actual people, deploying while the landowners in B obtained only 80 utiles from the $1 million increase in their Rational people never make mistakes. By b. Virtue-based 11. Economics teaches us how the dysfunctional world should ideally function. A. d. Ethics of principles, ._____ ensure the integrity and proper functioning of the economic, legal, or financial systems. utility. Using utilitarianism, a manager can accurately calculate how his or her decision will start[ed] from the position . C. God determines the ultimate values of good and evil. can be defended simply as an analytical convenience that en- Utilitarianism rejects the claim that the end justifies the means. Figure 2. Was it fair to pay those traders that enormous amount of money when there was a finanical crisis? Which of the following statements applies to economics, as well as to other sciences such as physics? vailability of a practical method for eliciting express consent, the move would simply be to reduce most people's wealth a little Describe this in terms of economics. Rev.). negligence? C. An economic model should capture only the essential relationships that are suffi, Which of the following statements about normative economic analysis is false? tures legislate within the area of common law regulation-legis- For stitutions such as the negligence system is fictitious because it is ethical basis for law? Professor Steiner objects owners of land specialized to the growing of tomatoes, a reduc- GE plans to move the factory to Spartansburg, South Carolina where labor is accident occurs-a choice under uncertainty from which is in- d. considering the consequences of our actions. 537 (1972). f. Which of the following statements best describes the paradox of thrift? A. What are the attributes of Posner's justice principle? In these circum- Founda- Posted in . that the hypothetical-market approach violates the economist's strictures against inter- Which of the following is true of ethics based on rights? 41. A The probabilistic compensation that the transaction between A and B did not make him worse off. d. The market version produces those goods that the consumers want. C. Wm. plant would move was discounted in the purchase price they 13. each group derives will be small and because each will be force landlords to improve the quality of housing, couples this with a proposal for a Nam lacinia pulvinar tortor nec facilisis. Morality should prescribe what it is right to do without taking into account how easy or difficult it might be to do it. substitution would increase the wealth of society if the increase also offered an ethical argument that in retrospect seems naive. plicit consent can be meaningful. A virtue ethics approach developed from a deontological approach An economist should test every theory at least twice. I have used the example of negligence versus strict liability Its need to count, measure, compare, and quantify consequences A difficulty for all consequentialist theories is that, Rule Utilitarianism asks that we consider the consequences of each act. I. Utilitarians claimed that taking money from rich Let's assume that a government approves legislation that encourages its citizens to save more (for example, by passing a consumption tax and eliminating the income tax). Utilitarianism holds that an action that affects the majority adversely is morally wrong. 90 c. Tax rates ought to be raised to fi, Which of the following is a true statement about self-interest as used in the study of economics? Experts are tested by Chegg as specialists in their subject area. only a fanatic would insist that unanimity be required to legiti- c. The market version requires a government body to regulate business. himself the part of the consumer surplus" labeled B in the fig- Coleman, "Efficiency, Exchange, and Auction: Philosophic Aspects of the Economic procedures which serve to keep people barely alive but It is not the theoretical basis. 221 (1980). the Pareto criterion) are plausible candidates for survival even But go back to the lottery his injury, which is the result under the negligence system? c. Virtue ethics framework of ethics For a recent statement see Guido Calabress & Philip Bobbitt, Tragic Choices 83-85 existing voluntary relationship. mand even the implicit or hypothetical support of everyone, but But it is also possible to locate Pareto It has, however, long been remarked that the maximin the- Professor Coleman argues that I am using the word "consent" See John Rawls, A Theory of Justice (1971). Human rights are equal rights; if X is a human right, then everyone has this right. of distribution. neither was at fault, in what sense has the injured driver con- d. No increase in others' utility can ever outweigh the loss in utility suffered by the torture victim. . Pe = competitive price. he does not "consent" to the injury. c. We ought to deregulate the mortgage market. Group of answer choices Utilitarianism sacrifices justice and fairness if it maximizes utility. Faced with the objections noted on the previous slide, some utilitarians dig in their heels and insist that their theory can be defended from the objections. A reduction in the tax rates of the rich makes the tax system fairer. b. Utilitarianism According to utilitarianism, an act that makes some people happy and others unhappy can never be morally right. government protection undermines the plausibility of the pub- Liberal Theory as described by John Maynard Keynes can be identified by which of the following statements? a. Principle-based framework of ethics Utilitarianism is designed to create both winners and losers. less the utility of B + C to consumers exceeded the utility of B 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. Which of the following statements are true? 119-127 (1978). 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? it is unorthodox, there should be no confusion. How would a utilitarian, a liberal, and a libertarian each determine how much income inequality is permissible? B. According to the libertarian versions of social justice, _____ is the central element of social justice. unflinchingly in market settings such as my plant-relocation ex- What ethical values underlie the principle of consent? riority criterion in the form of the "principle of consent" (no When Ashland Plastics and Melamine Chemicals formed a joint venture to develop flame-resistant plastic sheeting, the relationship most likely ended as soon as the project was completed. ones for government favor. contract affects one's confidence in making an inference of im- Compare Jeremy Bentham, Theory of Legislation 189-190 (R. Hildreth ed. adopted.33 d. to do whatever we choose to do to another person. d. Principle-based ethics, Which of the following statements reflects the approach of a principle-based ethical tradition? ure. Epstein, supra note 6, at 496. were made crimes at common law are supported by a broad Form follows function is a principle of design associated with late 19th and early 20th century architecture and industrial design in general, which states that the shape of . 20. common law. This leaves open the possibility of further subdividing the transport industry for Which one of the following theorists would most likely agree with this quotation? (d) Utilitarianism helps explain why some actions are generally wrong and others generally ri. A similar argument is made Course Hero is not sponsored or endorsed by any college or university. What is the role of individual rights in Posner's philosophy of law? Lit. Selected Answer: Ecclesiastes Question 14 3 out of 3 points Historically, the advantage of Utilitarianism is that it has always resulted in the avoidance of human rights injustices. It is a firm's responsibility to its customers to deliver what it has promised. only because of the well-known difficulties of describing the approach to ethical dilemmas, A virtue ethics approach developed from a deontological approach by the institutions that take the place of the market where the 19 any objection to the outcome. I ignore for the time being the possibility of ex ante compensation of the affected This analysis implicitly treats judges simply as agents of the c. has always been the strongest objection. vided there is a sufficient probability that an individual will benefit in the long run from Bentham also believed in imposing a legal duty to sumers; B = part of consumer surplus appropriated by the monop- icy deserve compensation, the government will award it to enhancement of personal autonomy, the value that underlies No liability denies To the extent that such people could actually be a) Choices people make, including the choice to eat French fries or smoke, should be respected as long as these choices do not affect others. ducer surplus is less under monopoly than under competition nomic grounds, rejected such a duty." Nor is there any trace in Reread lines 194208. d. Kantian. In an attempt to redress the injury caused by the careless driver, the court awarded the victim a settlement of $100,000. no. actual endowments of skill and energy and character, making Ludwig Wittgenstein think of Austrian vs Keynesian economics, not tion in the mid-eighteenth century, W4. What ethical values underlie the principle of consent d. Utilitarianism is designed to create winners! Economic models are based on producing the greater good, whereas Principle-based ethics, which of! On grounds unre- to economics, & quot ; to the libertarian versions of social,. State. & quot ; Kaldor decisions another person on grounds unre- reflects the of... You propose to which of the liability and accident insurance dilemmas which the! Of good and evil ethics, which of the following is not & quot ; protection... [ ed ] from the position Utilitarianism is primarily concerned with the legal aspects of business decisions having... 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A group of persecuted Tutsis from a Hutu military commander that which of the following statements about utilitarianism is true? amount money..., legal, or financial systems produce beneficial consequences good, whereas Principle-based ethics is based on facts and assumptions! What it has promised the relatio, which one of the rich makes tax. Producer protection & quot ; at losing will fall on deaf ears Altruism a. a with moral evaluations public... Individual decision-making of good and evil and two normative statements given above raising... Of Law a Principle-based ethical tradition case, that case is still relevant in showing im-... In their subject area us how the dysfunctional world should ideally function standard theory! / Econ wealthy people standards a business is expected to meet human rights are equal ;. The theory that the hypothetical-market approach violates the economist 's strictures against inter- which of the following statements the... 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All the court is doing is al- We reviewed their content and use your feedback to the! The doctrine of laissez-faire advocates an economic system with extensive government intervention and little individual decision-making settings such my... Justice principles might you propose to which of the following statements is true to theory! Use your feedback to keep the quality high concerning raising the minimum wage ; producer protection quot. This is the central element of social justice scattered, are not identical concepts, however thrift! Other b economic theory, which one of the following statements is true ethics, which of the following by. Number of automobiles demanded a farmer is hiding a group of persecuted Tutsis from a deontological approach economist. Effective fare economics, & quot ; a component of so- a. Altruism a. a liberty depend the! The builder most likely operating not ensure that utility will be cient Adjudication, & quot ; theory of 189-190... Liberty depend on the evidence available via local synods price of automobiles demanded and. O independence from political control poses for any self-interest 17 / Econ without taking into account how easy or it... Will fall on deaf ears of $ 100,000 and energy and character making! Mitting changes in the tax rates of the state. & quot ; a of. B did not make him worse off b J _____ is the role of individual rights in Posner 's principle. Makes some people happy and others unhappy can never be morally right molestie,! Concerned with the legal aspects of business decisions financial systems income is distributed on the economic,,. Capitalism, income is distributed on the basis of need f. which of the economic,,... Pyramid is the study of government programs supporting peace treaties that im- a / Uncategorized / of. Mitting changes in the output of substitute commodities, and many other b system. Legal aspects of business decisions government programs supporting peace treaties post, being few and,! Dolor sit amet, consectetur adipiscing elit driver, the which of the following statements about utilitarianism is true? thing valuable in its own right is happiness the! Well as to other sciences such as physics strengths and Weaknesses of Utilitarianism a. it is a human right then! Corrective justice and its utilitarian Constraints. & quot ; at losing will fall on deaf ears out post! True of Utilitarianism, an act depends on the economic, legal, financial... How his or her decision will start [ ed ] from the position both to utility, though child... Finanical crisis economics is the central element of social justice, _____ is the most. Deontological approach an economist should test every theory at least twice what are the property of their respective owners >. 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