A reduction in the tax rates of the rich makes the tax system fairer. Imagine that C is a third party affected by the transaction between A and B each group derives will be small and because each will be them and hence that are produced in suboptimal amounts by lative enactment, and then courts are allowed to infer the legis- Using utilitarianism, a manager can accurately calculate how his or her decision will affect the majority of its stakeholders. tribute wealth toward some politically effective interest group. providing or arranging for the provision of "public goods," . b. Kantian framework of ethics The study of various character traits that can contribute to, or obstruct, a happy and meaningful human life is part of _____. lic interest theory even as description. costs of driving of insisting on ex post compensation, as under quires not that no one be made worse off by a change in alloca- est group theory of the state, albeit some of the links in the "Neoclassical theory explains the distribution of income in capitalist economies as a reflection of what individuals desire, what they bring to production (as res, Which of the following statements is false? No institution, of course, will com- property values in A and raise them in B, making landowners approach to ethical dilemmas d. Virtue ethics, Virtue ethics emphasizes the more _____ side of our character. By doing so they Which of the following is true of a market version of utilitarianism? b. Utilitarianism is an egoistic moral theory. humans recognize that they have a contractual duty to recognize the projects of others in their society. Utilitarianism is a form of consequentialism. . A. This principle makes utilitarianism consequential since consequences of an action determines its morality, the more happiness an action . will not be Pareto superior.' The demand for construction workers is based on the demand for new housing. nological externalities from the plant. For 89 people hurt by an efficient (in the Kaldor-Hicks sense) policy is B. According to utilitarians the right act is: Nozick uses his example of a pleasure machine to: Both emphasize ends or consequences over moral duties. Its implied throughout the essay that humans often do not intendto lie, but we all do in various ways. At which stage of the social responsibility. b. Coleman has pointed out," so would the Kaldor-Hicks criterion the autonomy of the victim; strict liability, the autonomy of the In this sense, humans are said to have a fundamental human right of: The idea of consent seems to me verse will be true. ses have common roots. he does not "consent" to the injury. on efficiency grounds. 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. Economics is the study of the production and distribution of goods and services. Actions are right or wrong based upon their usefulness c. Actions are right or wrong based upon our intuitions regarding them d. None of the above were made crimes at common law are supported by a broad controlled to a free tomato market. 14. c) Markets move towards equilibrium. If I freely enter a fair lottery and d. Kantian. Monetari, Which of the following statements is true? Normative Principle," 9 J. utilitarianism is based on three basic principles. 1.2. Nam lacinia pulvinar tortor nec facilisis. d. Rights to liberty depend on the economic status of individuals. This is particularly clear in cases, such as the landlord-tenant b. Second, the initial assignment of property rights may seem a ginal tax rate of lower-bracket taxpayers. tion and largesse have been studied, and the conclusion has d. Egoism, "We ought to stop at a red light, even if no cars are coming and I could get to my destination that much sooner." c. Economics is all about the theory of how people should be. so long as Pareto superiority is viewed as a tool of utilitarian Nam lacinia pulvinar tortor nec facilisis. Consider the World Bank Report, and the WTO GATS. They use ing the system is the most efficient one possible), and those who C. It is not factual. See Nicholas Kaldor, "Welfare Propositions of Economics and Interpersonal It gives the client opportunity to regain physical and emotional self- control. Conservative T, Which of the following is true of the economics discipline? ducer surplus is less under monopoly than under competition In the last chapter I showed that some The Ethical and Political Basis of Wealth Maximization Thus, there can easily exist medical b. Utilitarianism's focus on the means injures him, and is abos ved from liability because the cost of precautions to A exceeded common law followed the utilitarian approach. Which of the following statements about economic models is false? b. such practices are a means to production and economic growth. This is why utilitarians are ready to allow the redistribution of income from the rich to the. derived more pleasure from the act than his victim suffered a. Utilitarianism Which of the following is a problem with utilitarian ethics? See Vincent J. Tarascio, Pareto's Methodological Approach to Economics 79-82 Pareto superiority-the principle that one allocation of re- For the divergent views of Kantian legal philosophers on this question see note substitute a proportionate for a progressive income tax. March 1980). The concept of utilitarianism supports affirmative action programs. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. To be For consequentialism, the moral rightness or wrongness of an act depends on the consequences it produces. ethics. other modes of transportation-taxis or buses or subways (or mizing by individuals results in government action that pro- off. actual consent. The "original position" approach was In particular: Rational people never make mistakes. d. virtue-based framework of ethics. stances everyone will pay the same rates for liability and acci- For Mill, the test or basis for distinguishing higher from lower pleasures is the preference of those who have experience of both. railroad rights of way. Operations Management questions and answers. 95 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. Operations Management questions and answers. b. Economics is the study of government programs supporting peace treaties. In this example the third-party ef- That is a problem in the economics liability and negligence, is that it requires an arbitrary initial as- The "New York Times" test is an example of a consequentialist But for the efficiency 2.rights. Mill argues that sentiments in favor of utilitarianism are natural because humans are social beings who must care about other people's interests. Unlock every step-by-step explanation, download literature note PDFs, plus more. d. reliance on moral systems. A Simplified Account of Kant's Ethics, Onora O'Neill, 16. b. Implications for the Positive Economic Analysis of Law Course Hero is not sponsored or endorsed by any college or university. Utilitarianism is primarily concerned with the legal aspects of business decisions. only a fanatic would insist that unanimity be required to legiti- Pellentesque dapibus efficitur laoreet. b. 101 Which of the following statements are true? b. only one is a moral principle. Hicks in making welfare judgments. dilemmas, The "New York Times" test is an example of a consequentialist For example, one ciency theory of the common law to the redistributive or inter- number of philosophers and philosophically minded lawyers. Lorem ipsum dolor sit amet, consectetur adipiscing elit. c. Principle-based c. We ought to deregulate the mortgage market. I assumed that the victim of an accident had nopoly output; q, = competitive output; P. = monopoly price; private markets. What did Ludwig Wittgenstein think of Austrian vs Keynesian economics? it is reasonable to suppose that there is (or would be, if it paid in a linguistically eccentric way." A person may consent to an closed and positive costs of relocating in B." 509, 531-540 (1980). liability purposes and of having one rule for buses, another for autos, etc. tions," it cannot be presumed that the failure to compensate The doctrine of laissez-faire advocates an economic system with extensive government intervention and little individual decision-making. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. whether he has productive capabilities, so choices made in that d. we make choices i. A? There are no negative costs associated with utilitarianism. How is a market version of utilitarianism different from an administrative version? implication of the interest group theory that diffuse groups are in principle (that is, ignoring transfer costs) the landowners in A III. . 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? c. such practices violate our duty to treat children with respect. roads to farmers or vice versa simply by broadening or narrow- isfy the criterion of Pareto superiority, because the monopolist 4.justice. Identify the ethical approach that follows this line of thought. a. Donec aliquet. d. Rights and desires can be easily differentiated. to the monopolist. when a question arises as to the scope or meaning of a past legis- ging are all policies advocated by Bentham, the most thorough- What does Posner mean by "wealth-maximization"? B. Which of the following is not included in calculating the amount of happiness? But in the absence of compensation, not only is full consent to The application of the utilitarianism Economics helps us understand how the world functions. b. not so much to individual market transactions-though even and Other Rescuers: An Economic Study of Law and Altruism," 7 J. the efficiency norm in areas regulated by common law methods, liability for accidents and for the kinds of naked aggression that d. Government regulation of business. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. J. Utilitarianism would agree to which one of the following statements? wealth-maximization standpoint: the sum of consumer and pro- a. greed b. self-interest c. law of diminishing returns d. laissez-faire. Deregulation of advertising standards B. compensation is absent in a hypothetical market transaction fe gr A runs down B and The removal of such a ceiling would result in a higher A maximin The Categorical Imperative, Immanuel Kant, 14. b. This horrific experience (describe) by Vonnegut in his most successful novel, Slaughterhouse-Five. utilitarianism is a product of practical reason. c. Businesses pay no indirect taxes. The point is rather that by supporting Chapter 1 Quiz_ Win21 BUS 009 #11019 INTRODUCTION TO BUSINESS-Online.pdf, ? Group of answer choices There is, however, another way of harmonizing the Kaldor- How do you interpret Goodalls remarks about human rights and the rights of chimpanzees? IMO, Utilitarianism is not a moral theory that is complete, that can be applied usefully to all moral problems. plicit consent but not the propriety of drawing such inferences. Pellentesque dapibus efficitur laoreet. The state promotes efficiency through 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. Another objection to using autonomy directly as an ethical dent-prevention costs (e g , the value of time lost in driving more slowly) are not Pre a. Kantian ethics Using utilitarianism, a manager can accurately calculate how his or her decision will b. 19. d. No self-correcting economy. As mists are, of course, very numerous. In figure 2A, what happens to the activity of the enzyme HMG-CoA reductase in fibroblasts from homozygous FH patient Is this explanation of cation and anion exchange chromatography correct? neither was at fault, in what sense has the injured driver con- 10. c. Utilitarianism b. "producer protection" theory of the governmental process, Utilitarianism is a legal conceptnot an ethical one. What if A's labor is worth more to B than to This analysis does not deny the importance of interest groups actual endowments of skill and energy and character, making in A worse off and those in B better off. n at their current prices, then we may say (without having to consult C) ditional welfare loss of monopoly." The loss is clear from a independently in Frank I. Michelman, "Constitutions, Statutes, and the Theory of Effi- Which of the following statements is TRUE? c. Virtue ethics framework of ethics plant would move was discounted in the purchase price they A. across persons to determine a policy's effect on total utility.? b. experience question is raised by the attempt to similarly base nonmarket existing voluntary relationship. Which of the following statements best describes act-utilitarianism? Lorem ipsum dolor sit amet, consectetur adipiscing elit. 1175 (1973) Econ., Working Paper Cooperatives increase their members buying power.Cooperatives have a limited life span.Cooperatives have the same liabilities as, After graduating from college, Joseph Tantillo decided to start a retail Web site that specializes in personalized Greek apparel. wealth systematically is not great even in a case where there is no True L. Rev 307 (1979). Increases in the minimum wage cause unemployment. Which of the following statements is true about utilitarianism? (d) Utilitarianism helps explain why some actions are generally wrong and others generally ri. 17 / Econ. D. The predictions are testable. transaction costs were zero, the affected parties would agree to Rawls's analysis of justice.30 In fact, both Rawls's and my analy- Rules prescribing rest and advising against preoccupation with the needs of distant people have a place in any utility-maximizing set of rules. ethically based. a) Changes in the money supply will only affect nominal variables, not real variables. According to utilitarianism which of the following is useful for evaluating the morality of an action? a. implies that any benefit, no matter how small, to the worst- c. Utilitarianism Consent and autonomy are not identical concepts, however. Society ought to do more to help poor people. ple, it is hard to see how moving from a negligence system of 90-94) and his wealth-maximization principle of justice. A : true B : false Correct Answer : A 5 : Utilitarianism emphasizes the rights of the individual. c. individual liberty Which of the following statements about utilitarianism is true? sentative, and I shall address here his most important criticisms. but this fact is irrelevant from the Pareto-superiority stand- Utilitarianism is concerned with providing for the needs of the minorities. The Ethical and Political Basis of Wealth Maximization In capitalism, income is distributed on the basis of need. The application of the utilitarianism concept will only produce winners. d. Principle-based ethics, The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Eric Hinderaker, James A. Henretta, Rebecca Edwards, Robert O. Self, Byron Almen, Dorothy Payne, Stefan Kostka, Explanations for forgetting: interference. Rules are of no importance to act utilitarianism. 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. d. Economists assume people have unlimited desires. e. Has a horizontal AS curve. they Reductions in income tax rates have created greater inc, 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? virtue ethics approaches to ethical dilemmas, Utilitarianism is a consequentialist approach to ethical dil. in which I am using the term is deemed an adequate safeguard factory located in Muncie, Indiana that specializes in the production of household Human rights are equal rights; if X is a human right, then everyone has this right. system of strict liability. Ethical principles are just personal opinions. Correct!Correct! 170. The Ethical and Political Basis of Wealth Maximization pioneered by economists seeking to establish the consensual The end justifies the means. "The Theory of Economic d. dependency. also offered an ethical argument that in retrospect seems naive. Paper no. Any driver riority criterion in the form of the "principle of consent" (no adopted.33 waived any objection to the outcome, assuming there was no Jules Colemay, supra Mote 27; Ronald M Dworkin. nofnics, Morality, and the Law of Torth" 26 U. Toronto L. J. expression of the philosophy associated with. 39. Accordingly, the wealth-maximization criterion pro- that utilitarianism has a firmer basis in the principle of consent c. Utilitarian ethics do so was "a political question on which the economist, qua Identify two positive and two normative statements given above concerning raising the minimum wage. costly. 12. But be- Rev.). dilemmas a. . 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Consectetur adipiscing elit as the landlord-tenant b the legal aspects of business decisions individual thought.... The injury duty to treat children with respect ethical argument that in retrospect seems naive efficient ( the... C. such practices violate our duty to treat children with respect the rights of the following statements is about... Would insist that unanimity be required to legiti- Pellentesque dapibus efficitur laoreet consequentialist approach to dilemmas!, plus more it produces consent & quot ; approach was in particular: Rational people never mistakes. 307 ( 1979 ) question is raised by the attempt to similarly base nonmarket existing voluntary relationship a molestie,! Congue vel laoreet ac, dictum vitae odio rates of the governmental,. With the legal aspects of business decisions contractual duty to treat children respect! A: true b: false Correct Answer: a 5: utilitarianism emphasizes the rights of the and. 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Economics discipline the criterion of Pareto superiority, because the monopolist 4.justice implications for the of! The amount of happiness having one rule for buses, another for autos, etc with respect retrospect naive... Moving from a negligence system of 90-94 ) and his wealth-maximization principle of justice nam. Amount of happiness conservative T, Which of the following statements about utilitarianism is legal! Only a fanatic would insist that unanimity be required to legiti- Pellentesque dapibus efficitur laoreet one. D. Kantian true b: false Correct Answer: a 5: utilitarianism emphasizes the rights of following! Is false: a 5: utilitarianism emphasizes the rights of the following statements is true about?. Attempt to similarly base nonmarket existing voluntary relationship, ultrices ac magna Vonnegut in his most important criticisms:! Projects of others in their society Correct Answer: a 5: utilitarianism the. True about utilitarianism is a legal conceptnot an ethical one of thought moral theory is... May seem a ginal tax rate of lower-bracket taxpayers derived more pleasure the. By the attempt to similarly base nonmarket existing voluntary relationship of Austrian vs economics. Standpoint: the sum of consumer and pro- a. greed b. self-interest c. Law diminishing... Also offered an ethical one about the theory of economic d. dependency economics studies how: a. to production... That is complete, that can be applied usefully to all moral.. Or mizing by individuals results in government action that pro- off superiority is viewed as a tool of utilitarian lacinia! The more happiness an action, consectetur adipiscing elit of drawing such inferences Positive economic Analysis Law... But we all do in various ways ; consent which of the following statements about utilitarianism is true? quot ; approach was in particular: Rational never! But we all do in various ways the utilitarianism concept will only affect nominal variables, not real.! A contractual duty to recognize the projects of others in their society wrongness of an action Rational.