Question 1

Describe the philosophy of noted economist,Milton Friedman,on the issue of "free market ethics."

Accepted Answer

Friedman held that it is wrong for managers to use corporate resources to deal with problems in society at large.Decisions regarding such social problems should be addressed by governments in the political arena and funded by tax dollars.A decision by corporate managers to aid society is,in effect,theft of stockholders' resources.

Question 2

The best example of a source for virtue ethics for a business is

Accepted Answer

The corporate mission statement is the best example of a source for virtue ethics for a business as it outlines the company's values and beliefs, which can serve as a guide for ethical behavior in decision-making and operations. Newspapers articles about the corporation may not necessarily reflect the company's values, and the documentation in human resources and resumes may only provide information about the individuals involved rather than the company as a whole.

Question 3

All of the following are considered exceptions to the general rule that there is no duty to rescue except:

Accepted Answer

Witnessing an accident or emergency creates a legal duty to provide reasonable assistance to those in need. This is based on the common law principle of "the Good Samaritan rule" which imposes a duty on individuals to act reasonably to prevent harm to others when they are in a position to do so.

The other choices listed are not exceptions to the general rule that there is no duty to rescue. Contracts and employment agreements may create a duty to rescue, but these are voluntary agreements rather than legal obligations. Reporting child abuse is a legal requirement rather than a duty to rescue, as it does not require providing immediate assistance to a person in need. Endangerment may create a moral obligation to rescue, but it does not necessarily create a legal duty to do so.

Question 4

Which of the following statements is INCORRECT regarding the rights of shareholders?
I.voting power on major issues and ownership in a portion of the company
II.right to transfer ownership and dividend entitlement
III.hire and fire management and select and appoint a chief executive

Accepted Answer

Shareholders do not have the right to hire and fire management or select and appoint a chief executive. This responsibility falls to the board of directors who are elected by the shareholders. Shareholders have the power to vote on major issues and have ownership in a portion of the company, as well as the right to transfer ownership and receive dividends.

Question 5

Which of the following views on outsourcing would be consistent with the free market ethics approach advocated by Milton Friedman?

Accepted Answer

Milton Friedman was a proponent of free market capitalism, which emphasizes individual choice and competition. Outsourcing enhances competitiveness and allows companies to modernize and expand their market opportunities. Therefore, option C, which supports outsourcing as a means of enhancing economic growth, is consistent with the free market ethics approach advocated by Milton Friedman.

Question 6

Discuss the differences in utilitarianism and values ethics in making a decision.

Accepted Answer

The answer of Discuss the differences in utilitarianism and values...

Question 7

Which of the following statements best illustrates the view of "utilitarianism"?
I.From each according to his abilities, to each according to his needs.
II.The risk reasonably to be perceived defines the duty to be obeyed and risks imports relation; it is risk to another or to others within the range of apprehension.
III.An action is right when maximizing welfare and total well-being.
IV.Individuals should pursue his or her own self-interest, even at the expense of others.

Accepted Answer

Utilitarianism is a consequentialist ethical theory that holds that an action is right if it leads to the greatest happiness or greatest number of people affected by the action. Option III, "An action is right when maximizing welfare and total well-being," best illustrates the view of Utilitarianism. Option I describes the Marxist philosophy of communism. Option II explains the legal principle of negligence, and option IV depicts the ethical theory of ethical egoism.

Question 8

Explain why laws exist that do not impose a duty to rescue.

Accepted Answer

The answer of Explain why laws exist that do not...

Question 9

The Ethic of Care is

Accepted Answer

The Ethic of Care emphasizes the importance of human relationships and encourages decision makers to consider how their actions will affect those relationships. It is not focused on universal principles or prioritizing people based on a utilitarian analysis. It also doesn't involve assumptions about our own position in life.

Question 10

Corporate director or officer decisions to dedicate corporate funds for social causes is called:

Accepted Answer

CSR is the concept of corporations taking responsibility for their impact on society and the environment. This includes dedicating corporate funds to social causes such as philanthropy, sustainability, and community development. Social Activism (SA) refers to external pressure on corporations, whereas CSR is an internal decision. BEES and SISI are not commonly used terms in the field of corporate social responsibility.

Question 11

The chapter discusses a number of different ethical theories or approaches to decision making.Discuss the potential dangers of relying solely on one theory or approach.

Accepted Answer

The answer of The chapter discusses a number of different...

Question 12

Select the best definition of ethics:

Accepted Answer

The answer of Select the best definition of ethics:
...

Question 13

Assuming a business ethical dilemma,which statement best illustrates Gilligan approach suggested in her theory of "The Ethics of Care"?

Accepted Answer

Gilligan's approach to ethics emphasizes care and responsibility to others, particularly those who are vulnerable or in need of assistance. This approach prioritizes relationships and empathy over individual rights and justice for all. It is not limited to women only, but rather emphasizes the importance of considering the unique perspectives and experiences of different individuals and groups. It also differs from an approach based on obedience to independent moral rules or duties.

Question 14

Choose the statement regarding duty to rescue that is false:

Accepted Answer

This statement is false. Taunting someone does not create a duty to rescue if they put themselves in danger as a result.

Question 15

According to Citizens United v.Federal Election Commission,which of the following is not a reason to allow corporations the right to spend money and advertise for political candidates?

Accepted Answer

According to Citizens United v. Federal Election Commission, the fact that corporations have immense wealth and can provide accurate messaging is not a reason to allow them to spend money and advertise for political candidates. The other answer choices are all reasons cited in the decision for allowing corporate political speech.

Question 16

From where do ethical preferences originate?

Accepted Answer

The answer of From where do ethical preferences originate?...

Question 17

Describe the difference between the law and ethics.

Accepted Answer

The answer of Describe the difference between the law and...

Question 18

Laws must be static and unyielding in order to provide stability for a society.

Accepted Answer

Laws should be able to adapt and change with the needs and values of society. Static laws may become outdated and unjust over time, leading to instability. Therefore, laws should be flexible and responsive to the changing needs of society.

Question 19

Discuss how multinational corporations can be both a benefit and a detriment to society.

Accepted Answer

The answer of Discuss how multinational corporations can be both...

Quiz 1: Law, Ethics, Business: An Introduction