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Exam 2: Ethical Theory and Business

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Question 1

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A version of utilitarian ethics invoking the tradition of Adam Smith claims that competitive markets are the best means for attaining utilitarian goals. This is "market" utilitarianism.

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B) False

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Question 2

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In the context of principle-based ethics, rights and duties are correlated.

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B) False

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The condition of plenty or surplus and competition allows everyone to get what they want; this is a condition of free market capitalism.

Virtue ethics reminds us to examine how character traits are formed and conditioned.

Human beings are no more naturally selfish and greedy than they are naturally kind and compassionate.

Historically, utilitarians place a very high value on individual freedom of choice, even though free individuals do not always choose what is good for them.

Utilitarian ethics has played a prominent role in forming public policy and laws governing finance, employment, consumerism, and world trade.

Principle-based ethics, also called rights-based ethics, refers to the concept that the correct path to ethical decision making is determined by duties, such as obligations, commitments, and responsibilities, and not by consequences.

Virtue ethicists turn to such fields as psychology, education, organizational behavior, and sociology to gain insight about how to teach virtue.

Unlike utilitarians, policy makers are not concerned with the well-being of the whole community.

According to principle-based ethics, individuals possess certain basic rights that should not be violated even if doing so would increase the overall good or social happiness.

Child labor is a very common phenomenon with cases of employing children in the manufacturing of athletic shoes and clothing being the most well-publicized instances.

Jeremy Bentham argued that only the absence of pain is intrinsically valuable.

Principle-based ethics might allow the sacrifice of individual rights if the overall good demanded it.

Which of the following statements is true of virtue ethics?

The theory of virtue ethics focuses on a full and detailed description of those character traits that would constitute a good and human life. Egoism is simply not a factor in the ethical decision making of caring, empathetic, charitable, and sympathetic persons.

Which of the following ethical traditions implies that a greedy person who does distasteful and selfish things will not lead a fulfilling and good human life?

Which of the following statements is consistent with principle-based ethics?

According to John Stuart Mill, people need to be educated and experienced in a variety of pleasures before they are competent to judge.

Rights are sometimes described as "trumps" that override the collective will. Rights function to protect certain interests that are more important and central in human well-being than the mere happiness of others.