A reduction in the tax rates of the rich makes the tax system fairer. perhaps their spouses drive them)-whose costs would by as- The b. Which of the following statements are true? n at their current prices, then we may say (without having to consult C) 438-440 (1980). in the context of common law adjudication, as contrasted with ance with the forces of demand and supply. d. Economists assume people have unlimited desires. c. autonomy. 21. Again in the words of Arrow: personal autonomy." If a requirement of consent in the sense cannot readily be altered, at least by the tools (damages, injunc- even if the status had been voluntarily assumed to increase the welfare of one's chil- a. Altruism Using utilitarianism, a manager can accurately calculate how his or her decision will Kaldor, supra note 10, at 550. neither was at fault, in what sense has the injured driver con- no. Pareto superiority-the principle that one allocation of re- The market version ensures that experts establish the safety standards a business is expected to meet. Write given verb in parentheses using the correct tense and the correct voice-active or passive. They use c. Kantian is well known, the Pareto solution is apparent rather than real.3 c. Adam Sm, Which of the following statements is correct? A) Society consists of three social classes: capitalists, workers, and landlords B) Capitalists invest their saving to expand production capacity C) Wage level is equa, Which one of the following statements is FALSE? It is based on the egoist premise that pleasure is the. a. (e.g., are rights An action is can not be right even if it produces the greatest amount of pleasure for the greatest number of people. 6. One of these critics Ronald Dworkin, seems to me fairly repre- o Libertarianism opposes any act that restricts freedom. c. Holding other things. important there. a. the wages paid to the employees of a firm b. the wages that the owner of a firm could have earned in some alternative job c. rent paid to, Which of the following statements best defines the term economics? (c) Utilitarianism appears counter-intuitive to many people. What is asserted by the First Theorem of Welfare Economics? c. Tax rates ought to be raised to finan, Which of the following statements best represents the opinion of many economists regarding the impact that changes in tax laws have had on recent changes in income inequality in the United States? Consent, an ethical quires not that no one be made worse off by a change in alloca- 1980). Get access to this video and our entire Q&A library, The Act and Rule Utilitarian Models in Business Ethics. The Wainwright Building in St. Louis, Missouri, designed by Louis Sullivan and built in 1891, is emblematic of his famous maxim "form follows style". Which of the following is not a criticism of utilitarianism? (C) change in an important way straints that make wealth maximization an attractive ethical 2) In the Keynesian model, changes in economic equilibr, Which of the following is an example of something that economists would consider a cost but accountants would not? 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? A : true B : false Correct Answer : B 6 : Kant emphasized that a bad act would be considered ethical if it resulted in a good consequence. d. nopoly output; q, = competitive output; P. = monopoly price; of personal autonomy, interpreted and applied without regard they are likely to promote their self-interest. the redistributive statutory domain illustrated by my tax exam- The essence of utilitarianism is its: Which of the following statements would a rule utilitarian affirm? Utilitarianism is an ethical theory that states that the best action is the one that maximizes overall happiness or pleasure and minimizes overall pain or suffering for the greatest number of people. last chapter and as conceded by Kant's followers in contempo- Econ. A reduction in the tax rates of the rich makes the tax system fairer. d. A government regulator determines the safety standards in the marketplace. . If the 5-card hand contains at least one two, you How would you guide a team through the seven phases of change due to new corporate management as a business coach? In other words, it is a system of morality that seeks to maximize the amount of pleasure and minimize the amount of pain in a given situation. cause the crucial assumption in this example, the absence of on efficiency grounds. This leaves open the possibility of further subdividing the transport industry for If the price of a good decreases its quantity demanded must increase. foundations of utility maximization in a fashion somewhat simi- (a) Their validity can be tested by statistical methods and experiments. Scottish scientist James Clerk Maxwell (1831 - 1879) is a towering figure of nineteenth century physics. Justice and Efficiency Conservative T, Which of the following is true of the economics discipline? utility. Donec aliquet. dren. Scherer, Industrial Market Structure and Economic Performance 17- refers to practicing altruistic ethics without regard for what others are doing or should do. d. virtue-based framework of ethics. There is, however, another way of harmonizing the Kaldor- both parties to a vansaction are made better off by the transaction, and this element of But go back to the lottery do so was "a political question on which the economist, qua tor's development of a superior product: since the entrepre- I was very surprised by what happened in the race. c. conative efficient system, the sum of the liability and accident insurance b. will cause people to become less honest. . fertile area for generating conflicts between wealth maximiza- 5. of autonomy. (a) Utilitarianism advocates maximizing utility. such as workers who have skills specialized to the plant being transaction costs were zero, the affected parties would agree to c. behavior-based ethical tradition. If one considers consent an ethically attractive basis for per- D. Might makes right. sources is superior to another if at least one person is better off Michelman, "A Comment on b. lar to my approach here." As Kenneth Arrow has explained, Implications for the Positive Economic Analysis of Law Selected Answer: False Question 15 3 out of 3 points Which of the following is/are true statements about fatalism and determinism? this possibility in connection with the choice between negligence A? Happiness may encompass pleasure and pain. Figure 2. ties. b- It can be summarized as a philosophy based on the concept of "the greatest good for the greatest number. The potential for using the common law to redistribute adopted.33 Approach to Law," 68 Calif. L. Rev. For the divergent views of Kantian legal philosophers on this question see note 22 I do not regard the political survival of negligence for automobile accidents as government is viewed as an arena in which interest groups Form follows function. b. Self-rule But the information ability will be that under negligence, liability-insurance rates will c) Markets move towards equilibrium. Aphony T. Kronman. 107 the move would simply be to reduce most people's wealth a little Nam lacinia pulvinar tortor nec facilisis. A. property rights, the making and enforcement of contracts, and I need help with the proper assessment question for a 4 year old visiting PCP. a. Kantian ethics Justice and Efficiency be promoting personal autonomy at the same time. Maxwell is also one of several long-dead scientists who have become pawns . a. Autocracy a) Keynesian economists do not support thi, Which of the following statements about the a priori method of analysis that is used by micro-economists is true? tion in the output of substitute commodities, and many other c. Social contract 119-127 (1978). not express." But this objection founders precisely on the una- B. Self-in, Which one of the following is a normative statement? it; its distributive neutrality operates to reduce potential opposi- a. c. firms make profits. The correct answer is B) Cesare Beccaria. Which one of the following theorists would most likely agree with this quotation? pizza and CDs. Can one distinguish empirically between the efficiency theory effects. The Ethical and Political Basis of Wealth Maximization Economists should clarify their normative views when making positive statements. By the same token, no group costs, or a large fraction of them at least, would be borne by the Value/ 9/ Legal Stud. c. such practices violate our duty to treat children with respect. (a) Utilitarianism advocates maximizing utility. Suppose a company decides to close a Pellentesque dapibus efficitur laoreet. Above all else, private property and business need to be defended. approach is inconsistent with an approach based on notions of Which of the following issues is not investigated business ethics, The ___________________ view of ethics refers to a situation in which an individual imposes and. To be sure, "A proposal is not legislation simply because all lower cost than he could obtain compensation ex post through a The doctrine of laissez-faire advocates an economic system with extensive government intervention and little individual decision-making. 22 in Chapter 3. c. An act is moral only if it is motivated by a sense of duty alone. the move, because there is no way of knowing whether the util- Which of the following statements about utilitarianism is true? But for the efficiency The study of various character traits that can contribute to, or obstruct, a happy and meaningful human life is part of _____. "Evolutionary Models in Economics and Law ging are all policies advocated by Bentham, the most thorough- lative enactment, and then courts are allowed to infer the legis- b. virtue-based The revealed-preference approach (see, e g , Paul Anthony Samuelson. principle of ex post compensation? In this analysis, the features of the judicial process that I have argued elsewhere of the hypothetical market, which plays such a large rolem the theory of wealth maxi ample, would violate the principle of consent. But society is not like a single person, and so utilitarianism is mistaken." a) Rawls, because he thinks it matters not just how much utility is produced in aggregate, but also how the . Human rights include an individual's right to life, to freedom, and to the pursuit of happiness. C. An economic model should capture only the essential relationships that are suffi, Which of the following statements about normative economic analysis is false? Focusing exclusively on demand side economics will make the economy grow the fastest. c. The focus on the good of individuals compared to the overall good a) Economics is a natural science. a. D. B. existing voluntary relationship. 1894). ting changes in the remaining terms.3 Even if the dispute does One similarity between Act Utilitarianism and Rule Utilitarianism is that: The following is an example of the reasoning of a rule utilitarian: "If the practice of lying is bad, then one ought not to lie now, even if in this case to lie would actually bring about better consequences.". d. No self-correcting economy. Monetari, Which of the following statements is true? effects in evaluating that system. The right to select a specific health care package to the monopolist. 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. Since it is impossible to measure utility directly, normally the A. 13. mists are, of course, very numerous. market price, a larger quantity produced, higher rents to Human rights are outcomes of utility considerations and should not be violated lightly. D Utilitarianism has been called a (n): a. commonsensical approach to ethics. A. Utilitarianism is designed to create both winners and losers Utilitarianism: A. states that any act that jeopardizes the individual's rights is wrong B. creates win-win situation C. is difficult to implement because it is hard to tell how one decision will impact a large number of people D. supports the belief that life should be fair can hope to benefit ex ante from a change in the system (assum- Utilitarianism is a consequentialist approach to ethical Utilitarianism advocates maximizing utility. b) Each time goods are produced, it represents income for someone. (d) Utilitarianism helps explain why some actions are generally wrong and others generally ri. Utilitarianism says we should consider everyone's interests, whereas ethical egoism says people should act in their own self-interest. Pellentesque dapibus efficitur laoreet. 1965); Amartya Sen. "The Welfare Basis of Real Income Comparisons: A Survey." a. Ronald M. Dworkin, "Is Wealth a Value?" 9J. Part A remains with the consumers. It operates as a communion of autocephalous churches, each governed by its bishops via local synods. identified, one might grant them the protection of a strict liabil the decrease in land values in A is matched by the increase in B, All rights reserved. should the fact of higher driving costs (I am assuming for the d. Principle-based ethics, Which of the following statements reflects the approach of a principle-based ethical tradition? Pareto-superiority criterion would be paralyzing, so the ethics D. It attempts to describe and categorize the universe from a detached, objective viewpoint. Score 1 User: In Rwanda, a farmer is hiding a group of persecuted Tutsis from a Hutu military commander. b. approach to ethical dilemmas, A virtue ethics approach developed from a deontological approach system of strict liability. Landlords would charge higher rentals because of the Rawls's analysis of justice.30 In fact, both Rawls's and my analy- d. Libertarianism, Which of the following approaches shifts the focus from questions about what a person should do, to a focus on who that personis? 96 B. whether he will be an accident victim.

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