Understanding Econ system/making ethical decisions

Which of the following businesses provides its customers with a service?

A law office

Summer Dean was walking through the mall and found a gym bag lying on the ground. The decision Dean must make as to whether to keep the gym bag and its contents for herself or turn it into the mall's lost and found department involves:

Ethics

_____ is the set of moral standards for judging whether something is right or wrong.

Ethics

All businesses approach ethics the same way.

False

As a factor of production, capital includes money.

False

Ethical decision making begins in the marketing department.

False

Ethics training programs typically teach how to disguise unethical behavior and not how to avoid unethical behavior.

False

If the company wants employees to take ethical training seriously, the training should not include games.

False

Labor, as a factor of production, relates only to the production of manufactured goods; services are not included.

False

Not-for-profit organizations have the same goals as for-profit organizations.

False

Some global corporations are large enough to create major changes in the external environment.

False

The major difference between a good and a service is how the producer uses the factors of production to create each.

False

The philosophy of utilitarianism is used to explain why restaurants, theaters, and hotels should make themselves handicapped accessible.

False

To be a useful code of ethics, the code should offer broad policies and procedures rather than detailed rules.

False

Social responsibility is a voluntary obligation.

True

The distributive process by which the burdens and rewards that society has to offer are shared varies from society to society.

True

The most basic responsibility of all businesses is its economic responsibility.

True

Which of the following businesses provides its customers with a good?

bicycle manufacturer

Utilitarianism:

is difficult to implement because it is hard to tell how one decision will impact a large number of people

What is the primary difference between a good and a service?

A good is tangible, and a service is intangible.

Which of the following is an example of a business?

All of the above

Which of the following countries has a high standard of living?

The United States

Which of the following is the best example of a service?

The pleasure you derive from seeing a good play

A business is an organization that strives for a profit by providing goods and services desired by its customers.

True

Business owners and managers have a great deal of control over the internal environment of business, which covers the day-to-day business decisions.

True

Factors of production are common to all productive activities, regardless of the economic system.

True

Human rights include an individual's right to life, to freedom, and to the pursuit of happiness.

True

Many people consider knowledge to be a fifth factor of production.

True

People who combine natural resources, labor, and capital in a profitable venture are called entrepreneurs.

True

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. The belief that this it was morally wrong to deprive the majority of the people of this experience is an expression of the philosophy associated with:

utilitarianism

Another factor influencing business ethics is _____, or what is fair according to prevailing standards of society.

Justice

Criticism of South Africa's post-apartheid government contends that the new government has not extended liberties to its black majority population, but has instead concentrated on proving to a white minority that a black-run administration can govern a reasonably sophisticated economy and society. The belief that the new South African government is behaving unethically is an expression of the philosophy associated with:

Utilitarianism

_____ is a philosophy that focuses on the consequences of an action to determine whether it is right or wrong. This philosophy holds that an action that affects the majority adversely is morally wrong.

Utilitarianism

Which of the following statements about utilitarianism is true?

Utilitarianism holds that an action that affects the majority adversely is morally wrong.

Which of the following statements about utilitarianism is true?

Utilitarianism is designed to create both winners and losers.

In the 21st century, we define justice as

an equitable distribution of the burdens and rewards that society has to offer

The standard of living in any country is:

measured by the output of goods and services people can buy with the money they have

The _____ of any country is measured by the output of goods and services people can buy with the money they have.

standard of living

Which of the following is NOT an example of a good that would be sold in a department store?

the advice of a wedding planner

Which of the following is the best example of a good?

the birthday candles you purchased to go on your sister's birthday cake