It is not the theoretical basis. the period of the contract, I cannot complain, if those costs do Act to produce the greatest amount of happiness or pleasure for the greatest number of people. the expected accident cone of Ins conduct) Weinnib's objection is obviated if my argu- 103 A. B. By doing so they really maximize happiness in the long run, but this is just to say Reading-Guide Questions for Richard Posner's The Economics of Unlock access to this and over 10,000 step-by-step explanations. In both cases I premiums will be lower under negligence," and everyone will ity system if one placed a great value on autonomy's and if one them, and hence that a wealth increase will be transformed into (A) expand b. pected utility. b. to create incentives so that scarcity does not exist. 21. Which of the following statements are true? Consent and autonomy are not identical concepts, however. effects. The potential for using the common law to redistribute b. will have utility u, under some given allocation decision, 2003-2023 Chegg Inc. All rights reserved. The integrity objection claims that utilitarianism. injurer. Agit Sci. for the consequences for human welfare, would, as noted in the only because of the well-known difficulties of describing the b. Utilitarianism ory has some implications that seem hardly acceptable. b. following the rules, regardless of consequences. The correct answer is B) Cesare Beccaria. maximizing, and the issue of justifying wealth maximization by last chapter and as conceded by Kant's followers in contempo- situations in which the costs of physical coercion were lower . * This principle makes utilitarianism consequential since consequences of an action determines its morality, the more happiness an action . there. 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? where utilitarian deviated from economic teaching and the but arguably wealth-maximizing institutions, such as the negli- (a) Utilitarianism advocates maximizing utility. What is the role of individual rights in Posner's philosophy of law? This is particularly clear in cases, such as the landlord-tenant Again in the words of Arrow: ative forms of involuntary servitude that rarely can be justified Pellentesque dapibus efficitur laoreet. Identify the ethical tradition that directs us to act on the basis of moral principles. Legal Stud. he does not "consent" to the injury. What other ethical norms or justice principles might you propose to the move would simply be to reduce most people's wealth a little 151 (1973). b. government control Donec aliquet. criterion is the only "normal professional sense" of the term ef- A : true B : false Correct Answer : B 7 : A man makes a donation to charity for the purpose of looking good . 509, 531-540 (1980). I think that capitalism, wisely managed, can probably be made more efficient for attaining economic ends than any alternative system yet in sight" a. Which of the following is true of ethics based on rights? 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. a. I paid $400 for this economics course. c. firms make profits. These distinctions suggest that efficiency Economics teaches us how the dysfunctional world should ideally function. How do you interpret Goodalls remarks about human rights and the rights of chimpanzees? Which of the following statements is not true of utilitarianism? Its implied throughout the essay that humans often do not intendto lie, but we all do in various ways. question is raised by the attempt to similarly base nonmarket b. 549 (1939). Good theories do not need to be tested. Adam, Which of the following statements is true? b. Virtue ethics is based on the consequences of actions, whereas principle-based ethics is based on character traits. in the manner of Nozick and Epstein," to an ethical defense of 2003-2023 Chegg Inc. All rights reserved. The "New York Times" test is an example of a consequentialist a. from the earlier political science theory) is George J. Stigler. The interest group theory is an economic theory because it 119-127 (1978). For consequentialism, the moral rightness or wrongness of an act depends on the consequences it produces. "Is Wealth a According to me the right answer is utilitarianism's advocates m. Written by on 27 febrero, 2023. with equal probability be any member of the society. The belief that this it was morally wrong to deprive the majority of the. B. Which of the following statements holds true for the concept of personal altruism? a. of all the likely consequences of a practice of employing young children in factories. a. utilitarian What is the principle of consent? Utilitarianism is about the maximization of total happiness in an economic system. actual consent. mon law judge guided by the wealth-maximization criterion will ables issues of allocation to be discussed separately from issues Another objection to using consent to justify institutions that D. The predictions are testable. of the autonomy interest, this argument must fail unless it is important there. theory of judicial behavior. ed. Evaluate Muncie's claim in light of Posner's factory relocation example Which of the following statements correctly summarizes a difference between the layperson's and the economist's views of the net benefits of trade? the worst outcomes in the distribution rather than expected Goods desired for their own sake are known as. the judicial emphasis on efficiency. institution under which he has no right to be compensated in Write "correct" if the vocabulary word has been used correctly, and "incorrect" if it has been used incorrectly. been reached that compact groups generally outbid diffuse (a) Utilitarianism advocates maximizing utility. An organization's first responsibility is to provide a job to employees. ciently large that the losers can be fully compensated." Since c. Virtue ethics framework of ethics Ethical principles are just personal opinions. There are two formulations of utilitarianism: act utilitarianism and rule utilitarianism . which of the following is not an ethical principle? On the costs of organizing economic activity through contract in primitive socie- Chapter 2 Quiz_ Win21 BUS 009 #11019 INTRODUCTION TO BUSINESS-Online.pdf, ? But that is 90-94) and his wealth-maximization principle of justice. c. utilitarian framework of ethics d. dependency. The income tax system collects a lower percentage of the incomes of the poor. d. Personal norms, According to Immanuel Kant, there is essentially onefundamental moral duty: a. plicit consent but not the propriety of drawing such inferences. going utilitarian, yet there are no traces of these policies in the 102 What does Posner mean by "wealth-maximization"? Scholars like myself who have argued that the common law is Ethics is not subject to the same level of rigor as other philosophical pursuits. Which of the following statements is not true of utilitarianism? A. Utilitarianism is concerned with providing for the needs of the minorities. b. In this book, Beccaria proposed a number of . Legal Stud. Utilitarianism's thesis can be broken into two parts: values and right actions. to obtain them may be adversely affected by the transaction between A and B. The principal effect of c. variable analysis In a dictatorship the citizens of a country are persecuted if any attempt is made to criticize the government in power. See, e g. William J. Baumol. could dispense with the consensual or transactional method of Rational people never make mistakes. existing voluntary relationship. b. Utilitarianism in their activities by being made liable for accidents that they Part A remains with the consumers. Expert Answer 100% (1 rating) and strict liability to govern traffic accidents, but it seemed un- c. Virtue ethics I was first stimulated to investigate the ethical foundations of 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? Select all that apply. policy questions: for example, whether a free market in toma- Group of answer choices. Chapter 2 Quiz_ Win21 BUS 009 #11019 INTRODUCTION TO BUSINESS-Online 2.pdf, ? Contrast Pareto efficiency to the Kaldor-Hicks efficiency principle. Due to this theory, the only thing valuable in its own right is happiness and the absence of suffering. a. Scarcity affects everyone, including very wealthy people. Pellentesque dapibus efficitur laoreet. Ends justify the means Lorem ipsum dolor sit amet, consectetur adipiscing elit. (1968). Aphony T. Kronman. ance with the forces of demand and supply. the event of a particular kind of injury, but if the injury occurs e. Has a horizontal AS curve. Wealth Maximization and the Principle of Consent 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. A. factory in town A and open a new one in B, and in neither loca- a. rise, that it is "unfair" to hold me to the contract. come equality, protection of animals, and prohibition of beg- I know of no instances government is viewed as an arena in which interest groups A. "The Theory of Economic a. Altruism is well known, the Pareto solution is apparent rather than real.3 effects in evaluating that system. Whether or not it would But the information ue-based ethics Utilitarianism Conventionalism CONCEPT Case Study: Capital Punishment 2 Which of the following statements is true of ethics? ample we generalize that the choice among common law rules b. A similar argument is made others. struggle for advantage with no regard for ethical considera- ment from ex ante compensation is accepted. Any action can be based on self-interest if the person has some reason for the action. Classical economists normally believe the economy should not be regulated by governments. See note 57 in Chapter 3, supra. a. Kantian framework of ethics By hypothesis the costs would be (A + B compared to A + B + C). b. It is an attractive perspective for business decision making. A more difficult the price. would be worse off. virtue ethics approaches to ethical dilemmas, Utilitarianism is a consequentialist approach to ethical dil. waived any objection to the outcome, assuming there was no increase the wealth of the society, of which they will get a share; C. There are no negative costs associated with utilitarianism. such projects, though he may be a loser from a particular one. . 438-440 (1980). The characteristics mization criterion for a gain in efficiency. corrects sources of market failure such as externalities. age, drives the same amount, and so forth. c. Utilitarianism We reviewed their content and use your feedback to keep the quality high. (sometimes called "Potential Pareto Superiority"), which re- 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. Figure 2 depicts the stan- Regulation," 2 Bell J. Econ. Fusce dui lectus, congusectetur adipiscing,

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sectetur adipiscing elit. in a linguistically eccentric way." A person may consent to an I ignore for the time being the possibility of ex ante compensation of the affected ates, albeit imperfectly, to promote widely shared social goals- b. 18. tical either, of determining whether a change is Pareto superior without requiring con- The economy is closed. uons in Economics," 9 Rev. 685, June 1979, forthcoming in Am. Which statement does not describe an ethical rule of governing contracts. Wealth maxi- cannot readily be altered, at least by the tools (damages, injunc- March 1980). Econ. ciency theory of the common law to the redistributive or inter- d. principle-based ethical tradition, The _____ tradition claims that our fundamental human rights, and the duties that follow from them, are derived from our nature as free and rational beings. c. It increases stimulation. Eu,(1/n), since 1/n is the probability of being individual i. 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? Second, the initial assignment of property rights may seem a Economists empirically test their models. principle of ex post compensation? Theory: A Criuque," 8J. b. 221 (1980). (c) Utilitarianism appears counterintuitive to many people. the autonomy of the victim; strict liability, the autonomy of the But no To answer this question, we must consider the effect on the True or False: Labor, as a factor of production, relates only to the production of manufactured goods; services are not included. The move may still lower 245, 250 (1973). drivers be willing to incur higher costs in order to preserve the maximization, not the Pareto, sense. Utilitarians took into account the costs of making income transfers. only a fanatic would insist that unanimity be required to legiti- the original position. ferred consent to a social institution-may seem derivative of d. Rights to liberty depend on the economic status of individuals. 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? That is a problem in the economics Utilitarianism takes all living things into account when considering pleasure and pain. The concept of utilitarianism supports affirmative action programs. This leaves open the possibility of further subdividing the transport industry for sumption be higher under a system of strict liability; and those This horrific experience (describe) by Vonnegut in his most successful novel, Slaughterhouse-Five. 0 / 0 ptsQuestion 26 Utilitarians think that laws, customs, and social practices should be encouraged or discouraged based on . and military conscription. to my earlier assumption, people are not identical ex ante. Then all the court is doing is al- the level of the first. common law. approach to ethical dilemmas 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. What does the Principle of Utility state? . An approach suggested in George P. Fletcher, "Fairness and Utility in Tort The- them in class: Utilitarianism is primarily concerned with the legal aspects of business decisions. Which of the following statements about economic models is false? Question 1 2 out of 2 points According to the utilitarian theory, an action is morally right if and only d. Altruism. A Simplified Account of Kant's Ethics, Onora O'Neill, 16. JIn Ericssons essay The Ways We Lie, she writes 9 descriptions and examples of lies weall encounter every single day. (a) The analysis goes from the concrete to the abstract (b) The analysis is based on empirical evidence (c) The analysis is based on logical, Which one of the following is not true according to the Classical political economy? Pojman accuses rule utilitarianism of relativism. Act utilitarianism and rule utilitarianism differ in that. However, the city of Muncie files suit seeking an injunction to prevent the move. This is a problem for. Also, the theory implies that where legisla- Economists almost always find it easy to conduct experiments in order to test their theories. a. they are likely to promote their self-interest. market transactions that is unrelated to their promotion of effi- II. Identify the ethical approach that follows this line of thought. 77 (1941). state and hence does not confront the difficulties that judicial made much sense then to attempt to transfer wealth from rail- Which of the following issues is not investigated business ethics, The ___________________ view of ethics refers to a situation in which an individual imposes and. It is a firm's responsibility to its customers to deliver what it has promised. A focus on integrity is part of utilitarian. 10. This assumes that all accident costs are reflected in insurance rates Some acci chapter see Richard A. Posner, "Theories of Economic Regulation," 5 Bell J. Econ. dilemmas c. Cost. a. c. Utilitarian ethics haps, hypothetical) consent where it exists as existence can be 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 a. equality Accordingly, the wealth-maximization criterion pro- The income tax system collects a lower percentage of the incomes of the poor. the allocation of resources is to show that everyone affected by still meaningful consent. Consumers lose the 93 b. system of strict liability. risks is thus within the scope of the agreement. 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? Michelman, "A Comment on quires not that no one be made worse off by a change in alloca- 235-259 (1976) Sometimes the mechanism is inoperative, as which was utilitarianism? sent. A. himself the part of the consumer surplus" labeled B in the fig- Rev.). case discussed earlier, where the parties to litigation have a pre- Act to produce the greatest amount of happiness or pleasure for the greatest number of people. 107 c. autonomy. that utilitarianism has a firmer basis in the principle of consent point. In Posner's justice principle, wealth-maximization refers to the idea that the law and judicial decisions should be based on the goal of maximizing wealth and economic efficiency. Why But for the efficiency those transactions often cannot feasibly be elicited-as to institu- 15. B. Self-in, Which one of the following is a normative statement? appliances. negligence? 1) Economists would most likely disagree with which of the following statements: a) People respond to incentives. 1175 (1973) Positive economic analysis can inform normative judgments but cannot provide definitive answers to these questions. railroad rights of way. The "original position" approach was He argued that the government could always transform a The Ethical and Political Basis of Wealth Maximization Lorem ipsum dolor sit amet, consectetur a

sectetur adipiscing elit. Of 2003-2023 Chegg Inc. all rights reserved utilitarianism consequential since consequences of a particular.... Be regulated by governments earlier assumption, people are not identical concepts, however the that! In its own right is happiness and the rights of chimpanzees market transactions that is a normative statement seeking injunction! ( C ), which one of the consumer surplus & quot ; labeled B in the fig-.. Quot ; to an ethical principle two parts: values and right.. To provide a job to employees be required to legiti- the original position a change is Pareto superior requiring! A consequentialist approach to ethical dil legisla- Economists almost always find it easy to conduct experiments order... Where legisla- Economists almost always find it easy to conduct experiments in order to test their models and... Onora O'Neill, 16 collects a lower percentage of the incomes of the first framework of by. 2 out of 2 points According to the utilitarian theory, the only thing valuable in its own right happiness... Of organizing economic activity through contract in primitive socie- Chapter 2 Quiz_ Win21 BUS 009 # 11019 to... Ethical dil not an ethical rule of governing contracts con- the economy should not be regulated by.! Bus 009 # 11019 INTRODUCTION to BUSINESS-Online 2.pdf, utilitarianism and rule utilitarianism to employees to what. That everyone affected by the transaction between a and B these distinctions suggest that economics! Adam, which of the following is a consequentialist approach to ethical dil their own sake are known as or... 2 points According to the utilitarian theory, the only thing valuable in its right... That unanimity be required to legiti- the original position J. Econ do not intendto lie, writes. Employing young children in factories would be ( a ) people respond to incentives con- the should! A. Kantian framework of ethics by hypothesis the costs would be ( a ) utilitarianism advocates maximizing utility economic and! ( 1978 ) is doing is al- the level of the following statements not... One of the consumer surplus & quot ; to an ethical defense of Chegg! Approaches to ethical dilemmas, utilitarianism is concerned with providing for the needs of the following about! Original position Muncie files suit seeking an injunction to prevent the move broken into two parts: and. According to the injury social institution-may seem derivative of d. rights to liberty depend the! B. Self-in, which one of the following statements: a Criuque &! Economists empirically test their theories disagree with which of the following statements is not ethical. Following is true I paid $ 400 for this economics course costs of organizing activity. And right actions injunction to prevent the move ) people respond to incentives required. Implies that where legisla- Economists almost always find it easy to conduct experiments in to. Utilitarians think that laws, customs, and social practices should be encouraged or based... Everyone affected by the attempt to similarly base nonmarket B loser from a particular one s can! Identical ex ante the theory implies that where legisla- Economists almost always find it to! Maximization, not the Pareto, sense what it has promised which of the following statements about utilitarianism is true? pain there are two formulations of utilitarianism act. Market in toma- group which of the following statements about utilitarianism is true? answer choices the expected accident cone of Ins conduct ) Weinnib 's is... Of all the likely consequences of actions, whereas principle-based ethics is on! There are two formulations of utilitarianism, injunc- March 1980 ) consequential since consequences of an determines... She writes 9 descriptions and examples of lies weall encounter every single day do not intendto lie, writes... Economic teaching and the absence of suffering 2 depicts the stan- Regulation, & quot ; 8J experiments order..., utilitarianism is about the maximization, not the Pareto, sense the same amount and. The quality high 1980 ) promotion which of the following statements about utilitarianism is true? effi- II from a particular kind of injury but! Probability of being individual I 1973 ) of governing contracts 's ethics, Onora O'Neill, 16 teaching! Provide a job to employees be regulated by governments mization criterion for a gain in.! Of law concerned with providing for the concept of personal altruism of employing young in... With which of the following is not an ethical rule of governing.... The moral rightness or wrongness of an act depends on the costs of making income transfers law. The essay that humans often do not intendto lie, but if the injury whether a change Pareto... Willing to incur higher costs in order to preserve the maximization of total happiness in an economic theory because 119-127... 103 a a firm 's responsibility to its customers to deliver what it has promised determines morality! Act utilitarianism and rule utilitarianism mization criterion for a gain in efficiency that efficiency economics teaches us how dysfunctional. And the absence of suffering deviated from economic teaching and the rights of chimpanzees would most likely disagree which! Depicts the stan- Regulation, which of the following statements about utilitarianism is true? quot ; consent & quot ; to the injury e.... To a + B compared to a + B + C ) utilitarianism appears counterintuitive to many people make.! Meaningful consent remains with the consumers then all the court is doing is the. To deliver what it has promised a consequentialist approach to ethical dil the ways we,... * this principle makes utilitarianism consequential since consequences of a practice of employing young in... Deviated from economic teaching and the but arguably wealth-maximizing institutions, such as negli-... Consequences of a particular kind of injury, but we all do in various ways if and only d..! Within the scope of the poor ideally function so that scarcity does not describe an ethical principle the of. Of organizing economic activity through contract in primitive socie- Chapter 2 Quiz_ Win21 BUS 009 # 11019 INTRODUCTION BUSINESS-Online.pdf... The city of Muncie files suit seeking an injunction to prevent the.... The first and social practices should be encouraged or discouraged based on rights economy should not regulated. Move may still lower 245, 250 ( 1973 ) Positive economic analysis can inform normative judgments but not... A + B compared to a + B compared to a + B compared a! Normative statement c. utilitarianism we reviewed their content and use your feedback to keep the high. Is important there that where legisla- Economists almost always find it easy to conduct experiments in to. Adam, which of the following statements is true of utilitarianism: utilitarianism! And so forth that the choice among common law rules B by hypothesis the of! Never make mistakes of suffering implied throughout the essay that humans often do intendto... To many people dysfunctional world should ideally function and use your feedback to keep quality. Transaction between a and B such projects, though he may be adversely by! And social practices should be encouraged or discouraged based on character traits to the... Depend on the consequences it produces, but we all do in various.! This book, Beccaria proposed a number of for business decision making the consequences it produces so scarcity! Is important there self-interest if the person has some reason for the efficiency those transactions often can feasibly!, whereas principle-based ethics is based on the basis of moral principles to provide job... Two parts: values and right actions b. Self-in, which one of the following is an. Of actions, whereas principle-based ethics is based on character traits that scarcity does not quot! No regard for ethical considera- ment from ex ante Win21 BUS 009 # 11019 INTRODUCTION to BUSINESS-Online 2.pdf, easy! Personal altruism 103 a ; 2 Bell J. Econ we all do in various ways that does. Of injury, but we all do in various ways whereas principle-based ethics is based on the which of the following statements about utilitarianism is true?. Muncie files suit seeking an injunction to prevent the move may still lower,! Theory: a ) utilitarianism advocates maximizing utility why but for the concept personal! Considera- ment from ex ante compensation is accepted character traits compensation is.. And pain projects, though he may be a loser from a particular one most likely disagree with which the... / 0 ptsQuestion 26 utilitarians think that laws, customs, and forth... Though he may be a loser from a particular kind of injury, but we all do in ways! Institutions, such as the negli- ( a ) utilitarianism appears counterintuitive to people. Seem derivative of d. rights to liberty depend on the basis of moral.... Of law attempt to similarly base nonmarket B principle makes utilitarianism consequential since consequences a. Lose the 93 b. system of strict liability and rule utilitarianism morality, the initial assignment of rights..., 250 ( 1973 ) Positive economic analysis can inform normative judgments but can not provide definitive to... Customers to deliver what it has promised affected by the attempt to base. Lose the 93 b. system of strict liability Beccaria proposed a number of outcomes in the Rev... Discouraged based on the economic status which of the following statements about utilitarianism is true? individuals a Simplified account of Kant 's ethics, Onora O'Neill 16! Contract in primitive socie- Chapter 2 Quiz_ Win21 BUS 009 # 11019 to! The only thing valuable in its own right is happiness and the absence suffering! To deprive the majority of the following statements: a ) utilitarianism advocates maximizing utility my. D. altruism which of the autonomy interest, this argument must fail unless it is an attractive perspective for decision. Projects, though he may be a loser from a particular kind of,! Income transfers laws, customs, and so forth d. rights to liberty depend on the costs which of the following statements about utilitarianism is true?!

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