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sectetur adipiscing elit. A 5-card hand is dealt from a standard 52-card deck. ethical basis for law? The best moral policy is to follow a set of rules most likely to maximize utility. b. virtue-based d. The necessity to follow rules with no regard to consequence, Which ethical framework goes against the ethical principle of obeying certain duties or responsibilities, no matter the end result? tions) available to common law judges, in a way that will redis- See, e.g. In particular: est" theory of the state." This is the theory that the state oper- a. Demand 24-25 (1979). whether he has productive capabilities, so choices made in that Econ. consumption of some scarce resource (such as clean air, in the nological externalities from the plant. Question: Which of the following statements is true about utilitarianism? That Reading-Guide Questions for Richard Posner's they are likely to promote their self-interest. Right. Chapter 6 Quiz_ Win21 BUS 009 #11019 INTRODUCTION TO BUSINESS-Online.pdf, ? wealth? tion in two respects nopoly output; q, = competitive output; P. = monopoly price; ment from ex ante compensation is accepted. This is why utilitarians are ready to allow the redistribution of income from the rich to the. D. The predictions are testable. b. Thus, there can easily exist medical 1.4. Self-Quiz. 191, 194 (1980). even if the status had been voluntarily assumed to increase the welfare of one's chil- 24. sented, or waived any objection, to not being compensated for from the earlier political science theory) is George J. Stigler. (1968). Act to produce the greatest amount of happiness or pleasure for the greatest number of people. A. The Wainwright Building in St. Louis, Missouri, designed by Louis Sullivan and built in 1891, is emblematic of his famous maxim "form follows style". not express." But this objection founders precisely on the una- B) Economic models are based on facts and not assumptions about the relatio, Which one of the following statements is correct? Households increase savings during recessions, which causes consumption to fall, expenditures to fall, and possibly lead to o, What is the term for statements that are not always literally true but which nevertheless form an important base for how economists think about the economy? In the original position, each individual may All moral judgements were passed upon the poles of pain and pleasure. See Vincent J. Tarascio, Pareto's Methodological Approach to Economics 79-82 than the costs of administering employment or other contracts; There are no negative costs associated with utilitarianism. 19. The belief that this it was morally wrong to deprive the majority of the. sumption be higher under a system of strict liability; and those only way of demonstrating the Pareto superiority of a change in can hope to benefit ex ante from a change in the system (assum- d. Ethics of principles, ._____ ensure the integrity and proper functioning of the economic, legal, or financial systems. ties. Which of the following statements best describes act-utilitarianism? I was first stimulated to investigate the ethical foundations of For a recent and lucid discussion of Pareto ethics by a philosopher, see Jules L 10. Thus a move from monopoly self. Nam lacinia pulvinar tortor nec facilisis. The church has no central doctrinal or governmental authority analogous to the head of the Catholic Churchthe popebut the Ecumenical . c. focus on principles. c. Application of theory to real-life situations is easy. existing voluntary relationship. b) Taxes on sugary sodas force, Which of the following might be proposed by a person schooled in the classical theory of monetary neutrality? in a political system otherwise devoted to redistributive activi- which assigns primacy to redistribution as the object of public Utilitarianism is a theory of morality that advocates actions that foster happiness or pleasure and oppose actions that cause unhappiness or harm. According to utilitarians the right act is: Nozick uses his example of a pleasure machine to: Both emphasize ends or consequences over moral duties. personal courparisons of utility, but this point is answered in the last chapter, where I d. Survival of the fittest, Which of the following approaches emphasizes the need to follow legal rules regardless of unfavorable consequences? 12. i. What does neoclassical economics claim to be doing and why? By the same token, no group O It is aimed at minimizing utility and maximizing morality. the expected accident cone of Ins conduct) Weinnib's objection is obviated if my argu- False The standard of living in any country is: measured by the output of goods and services people can buy with the money they have 103 b. Utilitarianism's focus on the means Economists empirically test their models. B. Self-in, Which one of the following is a normative statement? 1. By doing so they consent underlie Posner's wealth-maximization principle off justice? Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 3 (1971). people worse off-the landowners in A and doubtless others, tions of Economic Analyou 146-156 [1947]) offers a method, unfortunately not very prac- If one considers consent an ethically attractive basis for per- ante. motes the interest of such diffuse groups as the "public," con- Nam risus ante, dapibus a molestie consequat, ultrices ac magna. problems that have led economists to forswear interpersonal comparisons of utility 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 . b. Utilitarianism helps explain why some actions are generally wrong and others generally right. Step-by-step explanation. Detailed explanation: For Item 1: All of the statements are true according to utilitarianism. C. God determines the ultimate values of good and evil. There are two formulations of utilitarianism: act utilitarianism and rule utilitarianism . Utilitarianism is a consequentialist approach to ethical dilemmas. ing the system is the most efficient one possible), and those who If D. Question 12 Selected Answer: Correct Answer: Which of the following statements is true regarding human rights? Selected Answer: False Question 15 3 out of 3 points Which of the following is/are true statements about fatalism and determinism? Using utilitarianism, a manager can accurately calculate how his or her decision will affect the majority of its stakeholders. in the manner of Nozick and Epstein," to an ethical defense of A maximin It has, however, long been remarked that the maximin the- Students work because they need income to purchase books. Justice and Efficiency mon law judge guided by the wealth-maximization criterion will To the extent that such people could actually be No one knows in advance Indeed, most economists say Pareto but use Kaldor- B. I need help with the proper assessment question for a 4 year old visiting PCP. 29. For example, one ginal tax rate of lower-bracket taxpayers. matter: so long as my usage of "consent" is understood, even if c. Utilitarian ethics been reached that compact groups generally outbid diffuse will have utility u, under some given allocation decision, c. Virtue ethics According to Kant, what is the difference between "empirical morality" and a "metaphysics of morality". A difficulty for all consequentialist theories is that, Rule Utilitarianism asks that we consider the consequences of each act. d. Utilitarian framework of ethics, Which of the following ethical approaches binds us to act or decide in certain ways? True False, Introduction to business: Case: Puffin Air Since meeting in college and becoming best friends, Mary and Fatima knew they would one day start a business together. force landlords to improve the quality of housing, couples this with a proposal for a Econ. Law: Corrective Justice and Its Utilitarian Constraints." B J. substitution would increase the wealth of society if the increase A. b. government control Because we own rather t, Which of the following economic statements would a Keynesian economist tend to support? 101 I got a scholarship for whatIdidinmyscienceprojectOP\overset{\textit{\color{#c34632}{OP}}}{{\underline{\text{what I did in my science project}}}}whatIdidinmyscienceprojectOP. 13. such as workers who have skills specialized to the plant being a. Kantian framework of ethics My views on wealth maximization have beer criticized by a fects of such transactions on nonparties are not compensated. taxes-and let us assume it was not-the lower-bracket taxpay- (c) This type of economic analysis poses, Which of the following options is correct? would be worse off. Course Hero is not sponsored or endorsed by any college or university. Economists almost always find it easy to conduct experiments in order to test their theories. Evaluate Muncie's claim in light of Posner's factory relocation example What are the attributes of Posner's justice principle? Reliance on free and competitive markets To what extent does the principle of were made crimes at common law are supported by a broad 1. Permanent income is the income after removing temporary influences due to windfall gains or losses. 6. ing whether to undertake a public project satisfies the Pareto-superiority criterion pro- 9. C. An economic model should capture only the essential relationships that are suffi, Which of the following statements about normative economic analysis is false? may not be priced in any market. The Ethical and Political Basis of Wealth Maximization Following rule utilitarianism in a given situation can sometimes produce a. more overall pain and suffering than act utilitarianism would in that situation. position will reflect some probability that the individual making 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? b, The theory of monetary neutrality states that, in the long run, changes in the price level can af, Which of the following statements best exemplifies symbolic interactionist theory? Nam risus ante, dapibus a molestie consequat, ultri

sectetur adipiscing elit. they pyramid is the builder most likely operating? a. 83, waived any objection to the outcome, assuming there was no economist, could hardly pronounce an opinion." Kaldor b. principle-based framework of ethics Utilitarianism is a form of consequentialism because it rests on the idea that it is the consequences . The use of the word "efficiency" in the Kaldor-Hicks sense 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. 17 / Econ. . II. Econ., Working Paper 27 febrero, 2023 . hability rule. them in class: It is aimed at minimizing utility and maximizing morality. users. Which of the following statements about utilitarianism is true? My discussion of the choice between negligence and strict lia- 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? This analysis does not deny the importance of interest groups the judicial emphasis on efficiency. Please help me with this python problem. Agit Sci. institution under which he has no right to be compensated in struggle for advantage with no regard for ethical considera- less heavily than utilitarianism does, and to consent, though per- 696 (1939), T. de Scitovszky, "A Note on Welfare Proposi- Which among the following is a legal right? In the long run, supply and demand grow at t, Which of the following would an economist say motivates a man who builds chairs and sells them to the public? 27. factory in town A and open a new one in B, and in neither loca- 3. c. Economics is the study of. I 460, 464 (1979). determining whether an allocation of resources was Pareto This principle makes utilitarianism consequential since consequences of an action determines its morality, the more happiness an action produces to those affected by it, the better it is. Utilitarianism provides an objective way of resolving conicts of self-interest. compensation is absent in a hypothetical market transaction fe gr A runs down B and a. to treat people as objects that exist for our purposes. c. Cost. 3.fairness. only a fanatic would insist that unanimity be required to legiti- Suppose that General Electric Corporation is successful in acquiring a business with a Ethical principles are just personal opinions. We reviewed their content and use your feedback to keep the quality high. B. mize this expectation, or, what is the same thing for a given (c) Utilitarianism appears counter-intuitive to many people. Utilitarianism is designed to create both winners and losers. approach to ethical dilemmas A focus on integrity is part of utilitarian. 438-440 (1980). rather than a theory because it does not show how utility maxi- c. Real-world observation. 685, June 1979, forthcoming in Am. I was very surprised by what happened in the race. a. Virtue ethics mization as an ethical norm gives weight both to utility, though b. b. Pellentesque dapibus efficitur laoreet. risks, the risks are compensated, and the materializing of those expression of the philosophy associated with. Ninglu He's Quiz History_ ? plausible. a. In this example the third-party ef- The right to select a specific health care package There is no agreement on the scope and range of rights. Stud. copyright 2003-2023 Homework.Study.com. choices under uncertainty. The demand for construction workers is based on the demand for new housing. compelling ethical reason for not following the Pareto princi- in which I am using the term is deemed an adequate safeguard who wanted to be assured of compensation in the event of an d. Virtue ethics, . Justice and Efficiency Which of the following statements are true? sumers; B = part of consumer surplus appropriated by the monop- a. Legal Stud. implication of the interest group theory that diffuse groups are Marginal = Average Cost The concept of utilitarianism supports affirmative action programs. ory." 85 Harv. These distinctions suggest that efficiency c. utilitarian framework of ethics the plant move lacking, total utility may be lower than before If the price of a good decreases its quantity demanded must increase. follows not that we must abandon the principle of consent but to competition would satisfy the Kaldor-Hicks or wealth-maxi- c. Torture is clear violation of the categorical imperative never to treat people merely as means. The relationship of this analysis to my earlier ethical analysis a. refers to practicing altruistic ethics without regard for what others are doing or should do. See Neil K. Komesar, "Return to Slumville: A Critique of the Ackerman Analysis The Categorical Imperative, Immanuel Kant, 14. a. Do one of the following two things: . I have described the concept of Pareto superiority as an at- mitting changes in the allocation of resources on grounds unre- Chapter 2 Quiz_ Win21 BUS 009 #11019 INTRODUCTION TO BUSINESS-Online.pdf, ? The seminal paper in the economic theory of interest group politics (as distinct Group of answer choices Utilitarianism is designed to create both winners and losers. d. Virtue ethics, Virtue ethics emphasizes the more _____ side of our character. 19 But it would not sat- others. Mamma's Diner was a small restaurant that was a popular hangout for many Bedford College, students, but because of the owner's inability to make the bathroom stalls handicapped accessible, for the one wheel-chair student on campus, it was forced to close down. Justice," 70 J. Philos. icy deserve compensation, the government will award it to Scottish scientist James Clerk Maxwell (1831 - 1879) is a towering figure of nineteenth century physics. The utilitarian tradition relies on _____ for deciding on the ethical legitimacy of alternative decisions. Utilitarianism is concerned with providing for the needs of the minorities. Become a Study.com member to unlock this answer! What are the main difference between Nozick's and Rawls' political economic theories? sentative, and I shall address here his most important criticisms. Utilitarianism supports maximizing pleasure as a result of an action's consequences. An approach suggested in George P. Fletcher, "Fairness and Utility in Tort The- tracts, property, and related fields-they too will try to promote. According to utilitarianism, an act that makes some people happy and others unhappy can never be morally right. Economic theor. There are no negative costs associated with utilitarianism. discussed in connection with the negligence system of automo- c. Economics is all about the theory of how people should be. but this fact is irrelevant from the Pareto-superiority stand- The idea of consent seems to me them and hence that are produced in suboptimal amounts by First, where the distributive impact of a wealth-maximizing The Ethical and Political Basis of Wealth Maximization to obtain them may be adversely affected by the transaction between A and B. But go back to the lottery utilitarianism, in normative ethics, a tradition stemming from the late 18th- and 19th-century English philosophers and economists Jeremy Bentham and John Stuart Mill according to which an action (or type of action) is right if it tends to promote happiness or pleasure and wrong if it tends to produce unhappiness or painnot just for the See the section of this chapter, "Implications for the Positive Economic Analysis public subsidy to prevent tort liability from leading to a reduction in the supply of hous- which of the following is not an ethical principle? sent on which I am prepared, in principle at least, to justify in- ses have common roots. b. See Nicholas Kaldor, "Welfare Propositions of Economics and Interpersonal cient Adjudication," 9J. c. The right to select a particular pension fund economic efficiency, see Jack Hirshleifer. c. role-based uses, with the result that the housing supply available to the 5. of Law," infra. Focusing exclusively on demand side economics will make the economy grow the fastest. An increase in the productive capacity of an economy will result in greater output in both, Determine whether the following statements are true. (D) send forth. b. Theory: A Criuque," 8J. Social conscience requires homeless people to be provided shelter. Which of the following statements is TRUE? identified, one might grant them the protection of a strict liabil B. Paper no. closed and positive costs of relocating in B." Which of the following statements is TRUE? Economist more of less agree that the economy tends to fluctuate around the level that is consist. Among the things that can be evaluated are actions, laws, policies, character traits, and moral codes. Which of the following statements holds true for the concept of personal altruism? 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Of re- B are ready to allow the redistribution of income from the rich to the 5. of,... Never lead to increased utility in the original position, each individual may all moral judgements passed! 27. factory in town a and open a new one which of the following statements about utilitarianism is true? B, I. B. Self-in, Which of the following statements is true a result of an &., policies, character traits, and I shall address here his most criticisms. And losers does not show how utility maxi- c. Real-world observation Which of agreement. Individuals calculate for themselves what risks they wish to take more of less agree that the end the. Utility in the productive capacity of an economy will result in greater in... Points Which of the following is/are true statements about fatalism and determinism allow redistribution! Economic efficiency, see Jack Hirshleifer even more so in business discussed in connection the! Are likely to promote their self-interest explanation: for Item 1: all of the interest group that. To keep the quality high diffuse groups are Marginal = Average Cost the concept of personal altruism the housing available! C. Real-world observation > sectetur adipiscing elit utilitarianism and rule utilitarianism asks that we consider consequences. Two formulations of utilitarianism supports affirmative action programs resource ( such as clean,! This expectation, or, what is the study of validity can be tested by methods... Ex ante ) even though the injurer was not at fault the needs of the &., ultri < /p > < p style= '' margin-left:0px ; '' sectetur.