0

Ethical Issues in Business and Economics

Description: Ethical Issues in Business and Economics
Number of Questions: 15
Created by:
Tags: business ethics economics ethics corporate social responsibility
Attempted 0/15 Correct 0 Score 0

Which ethical principle emphasizes the importance of treating people fairly and equitably?

  1. Utilitarianism

  2. Deontology

  3. Virtue Ethics

  4. Egoism


Correct Option: B
Explanation:

Deontology, particularly Kantian ethics, emphasizes the importance of acting according to moral principles that are universally applicable and fair to all parties involved.

What is the primary focus of corporate social responsibility (CSR)?

  1. Maximizing shareholder profits

  2. Reducing environmental impact

  3. Improving employee satisfaction

  4. Complying with legal requirements


Correct Option: B
Explanation:

CSR aims to balance a company's economic goals with its social and environmental responsibilities, including reducing its ecological footprint.

Which ethical theory argues that the right action is the one that produces the greatest good for the greatest number of people?

  1. Utilitarianism

  2. Deontology

  3. Virtue Ethics

  4. Egoism


Correct Option: A
Explanation:

Utilitarianism, introduced by Jeremy Bentham and John Stuart Mill, focuses on maximizing overall happiness or well-being for the greatest number of individuals.

What is the primary goal of ethical decision-making in business?

  1. Maximizing profits

  2. Minimizing risks

  3. Acting in accordance with moral principles

  4. Complying with legal regulations


Correct Option: C
Explanation:

Ethical decision-making in business involves making choices that align with moral values and principles, considering the impact on stakeholders and society.

Which ethical principle emphasizes the importance of acting in accordance with one's virtues and character?

  1. Utilitarianism

  2. Deontology

  3. Virtue Ethics

  4. Egoism


Correct Option: C
Explanation:

Virtue Ethics, as proposed by Aristotle, focuses on developing and acting in accordance with virtues such as honesty, integrity, and fairness.

What is the primary responsibility of a business towards its employees?

  1. Maximizing profits

  2. Providing competitive salaries and benefits

  3. Ensuring a safe and healthy work environment

  4. Complying with labor laws


Correct Option: B
Explanation:

Businesses have a responsibility to provide fair compensation, benefits, and a safe working environment for their employees.

Which ethical principle emphasizes the importance of acting in one's own self-interest?

  1. Utilitarianism

  2. Deontology

  3. Virtue Ethics

  4. Egoism


Correct Option: D
Explanation:

Egoism, as proposed by Ayn Rand, emphasizes the importance of acting in one's own self-interest and pursuing personal goals.

What is the primary goal of economic efficiency?

  1. Maximizing profits

  2. Minimizing costs

  3. Allocating resources efficiently

  4. Promoting economic growth


Correct Option: C
Explanation:

Economic efficiency aims to allocate scarce resources among different uses in a way that maximizes their overall value and minimizes waste.

Which ethical principle emphasizes the importance of respecting individual rights and freedoms?

  1. Utilitarianism

  2. Deontology

  3. Virtue Ethics

  4. Libertarianism


Correct Option: D
Explanation:

Libertarianism emphasizes the importance of individual liberty and autonomy, including the right to property and the freedom to make choices.

What is the primary goal of sustainable development?

  1. Maximizing economic growth

  2. Reducing environmental impact

  3. Promoting social equity

  4. Balancing economic, social, and environmental goals


Correct Option: D
Explanation:

Sustainable development aims to balance economic growth with social equity and environmental protection, ensuring the well-being of both present and future generations.

Which ethical principle emphasizes the importance of acting in accordance with moral rules and duties?

  1. Utilitarianism

  2. Deontology

  3. Virtue Ethics

  4. Egoism


Correct Option: B
Explanation:

Deontology, particularly Kantian ethics, emphasizes the importance of acting according to moral rules and duties, regardless of the consequences.

What is the primary goal of corporate governance?

  1. Maximizing shareholder profits

  2. Ensuring transparency and accountability

  3. Protecting the interests of stakeholders

  4. Complying with legal regulations


Correct Option: B
Explanation:

Corporate governance aims to ensure transparency, accountability, and ethical behavior in the management and decision-making processes of organizations.

Which ethical principle emphasizes the importance of acting in a way that is consistent with one's values and beliefs?

  1. Utilitarianism

  2. Deontology

  3. Virtue Ethics

  4. Egoism


Correct Option: C
Explanation:

Virtue Ethics emphasizes the importance of acting in accordance with one's virtues, values, and beliefs, regardless of the consequences or external rules.

What is the primary goal of economic growth?

  1. Maximizing profits

  2. Increasing production and consumption

  3. Improving the standard of living

  4. Reducing poverty and inequality


Correct Option: C
Explanation:

Economic growth aims to increase the overall production and consumption of goods and services, leading to an improvement in the standard of living for individuals and communities.

Which ethical principle emphasizes the importance of acting in a way that minimizes harm to others?

  1. Utilitarianism

  2. Deontology

  3. Virtue Ethics

  4. Non-maleficence


Correct Option: D
Explanation:

Non-maleficence is an ethical principle that emphasizes the importance of avoiding harm to others, either intentionally or unintentionally.

- Hide questions