When Aaron makes a decision, he tries to minimize its bad effects and maximize its good effects for those involved. This is known as social welfare social (economic) Darwinism egoism utilitarianism
Q: Question 3 Determine if the following statement is true or false and explain your answer. "Arrow's…
A: Arrow's impossibility theorem is a social choice paradox that shows that having an optimal voting…
Q: Is it okay for a company to take a utilitarian approach and use deception or lies about their…
A: It is okay for a company to take a utilitarian approach and use deception or lies about their…
Q: Smith’s utilitarian argument is most commonly criticized for making what some call unrealistic…
A: Utilitarianism is a collection of philosophic ideologies such as that the only ethical benefit to…
Q: Which of the following statements about positive incentives is the most accurate? They create…
A: Positive incentives get provided to promote certain choices by impacting individuals positively.
Q: List two types of utilitarianism?
A: In economics, Utilitarianism refers to the ideology of making activities that result in happiness or…
Q: Julie complains about the extremenoise in the factory. This is one of hygiene factors according to…
A: When an individual is working as an employee in an organization, he has the right to have equal,…
Q: What is a situational example of practicing the rights of employees in a business
A: Employee rights include the right to organize and bargain collectively, the right to work hours and…
Q: Which of the following correctly defines utilitarianism? a. The difference between what a consumer…
A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…
Q: A __________ system is a method of making economic decisions that allows individuals and firms to…
A: In an economy, differ forms of markets are operated under different economic or market system.
Q: a justification for government intervention in the economy arises from the fact that market systems…
A: Government intervention: Government intercession is any activity done by the public authority or…
Q: Is either the capitalist economic model or the socialist economic model preferable from a moral…
A: Capitalist economic model refers to an economy which is driven by private sector. The majority of…
Q: Which of the following factors do rational actor consider LEAST? a. cost to the producer b. personal…
A: Rational choice theory: It refers to a theory in which individuals use rational calculations to make…
Q: The ‘Rawlsianism’ approach to social welfare improvement is based on a ‘Pareto improvement’…
A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…
Q: A law is passed providing for compulsory vaccination and subjects a person to imprisonment for…
A: A law is passed providing for compulsory vaccination and subjects a person toimprisonment for…
Q: Which of the following is an example of a positiveexternality?a. Dev mows Myra’s lawn and is paid…
A: Externalities are costs or benefits to a third party who is not involved in a particular market…
Q: What are some of the problems with using utilitarianism for conducting a stakeholder analysis
A: Utilitarianism is a moral philosophy that promotes activities that bring happiness or pleasure while…
Q: Which of the following illustrates the ceteris Paribus assumption
A: In economics, the assumption of ceteris paribus, a Latin expression signifying "with different…
Q: Do you think Pareto Efficiency is enough to explain welfare economics?
A: According to Pareto efficiency, it is not possible to increase one person utility or welfare of one…
Q: describe 3 ways in which human decisions making differs from the rational individual conventional…
A: In conventional economic theory, an individual is generally considered a rational human being.…
Q: Rule utilitarianism looks only at moral rules of a particular action.True False
A: The utility is used as a measure of happiness or satisfaction that an individual gets from the…
Q: If you can prevent someone from consuming a good, that good is called
A: If a good is prevented from its consumption, then it is an example of a private good.
Q: Discuss the pros and cons of utilitarianism.
A: Utilitarianism views supports actions that increases the overall utility of the society. The main…
Q: The act of using goods and services to satisfy the human wants is known as ______
A: According to the given question In Economics human wants are generally classified as that type of…
Q: Purposeful behavior means that: people are selfish in their decision-making. people…
A: Purposeful behavior means that people weigh costs and benefits to make decisions.
Q: The approach to ethical behavior that proposes that actions and plans should be judged by their…
A: Ethical behaviour of a person is Influenced by his moral development acha the organisational…
Q: According to economists, economic self-interest: is a reality that underlies economic…
A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…
Q: The social optimum occurs where price is __________ and quantity is __________.
A: Socially optimal output level refers to that at which the marginal social benefit and the marginal…
Q: How would a positive economist MOST likely approach the question of increased taxes? a. Poll a…
A: There are two types of economics: Positive economics and Normative economics. Positive economics…
Q: Avon pays its sales personnel a commission for every sale they make. Which economic principle is…
A: Economic principles enable the study of economics easy and understandable by making some basic…
Q: When a good is divided up, it is important that none of the good go to waste." This statement…
A: option 5 is the right answer Efficiency good is divided up it is is important that none of good to…
Q: When individuals face viable alternatives, a) there is choice b) there is always cost c) A and B…
A: A choice or possible solution that might work is referred to as a viable alternative.
Q: Is it realistic to think that we account for rational behaviour in every situation?
A: Rational choice scholars are isolated on what the most satisfactory rendition of rational choice…
Q: What can a marketer do to positively influence a situation in which a consumer is ready to buy but…
A: A market is a place where the goods and services are exchanged between the buyers and sellers after…
Q: Public Good Contribution: Three players live in a town, and each can choose to contribute to fund a…
A: Answer-
Q: Select one or more: a. A Pareto efficient outcome is where you cannot make anyone better off without…
A: When an economy's resources and goods are distributed to their optimum efficiency, no changes can be…
Q: Evaluate “Governments use force in order to solve the collective actions problems required to…
A: In an economy, Kaldor-Hicks efficiency theory believes in a Pareto improvement situation when the…
Q: The idea that ethical judgments are universal was advanced by: a. Kant & Hare b. Dostoyevsky…
A: Moral universalism is the meta-ethical view that certain ethics, or global ethic, applies to "all…
Q: Choices that are the best for the society as a whole are choices in the pursuit of…
A: When everyone acts to maximize their own self-interest, social interest is maximized. So, when…
Q: This criticism of act utilitarianism is motivated by the recognition that promoting overall utility…
A: Act-utilitarianism refers to a social-economic theory that beleives in maximizing net utility to…
Q: A _____ is when a change in the state of affairs increases the welfare of at least one person and…
A: In economics, an Edgeworth box shows a simple economy with two individuals and two goods…
Q: Which does a utilitarian attempt to maximize? Total amount of happiness (b) Total number of people…
A: The supremacy of happiness above all other aims is the core concept of utilitarianism, and focusing…
Q: Complete the following table by selecting the redistributive philosophy that matches each statement.…
A: Utility refers to the satisfaction that a consumer derives from consuming a good. Redistribution of…
Q: Provide and explain at least three philosophical frameworks that are usually used in social science…
A: Philosophy means the use of abstract ideas and belief that inform our research. Philosophical…
Q: Socialization is defined as ________. A. the process of adjusting and adapting to a…
A: The process of internalizing societal norms and ideals is known as socialization.Learning and…
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- The Condorcet paradox illustrates Arrow’simpossibility theorem by showing that pairwisemajority votinga. is inconsistent with the principle of unanimity.b. leads to social preferences that are not transitive.c. violates the independence of irrelevantalternatives.d. makes one person in effect a dictator.Heterogeneity in an endowment economy Suppose we have two typesof households: A and B. The utility maximization problem for a consumerof type i is max InCi,t+β ln Ci,t+1 Ct,Ct+1subject to Ci,t +Ci,t+1/ 1 + rt = Yi,t + Yi,t+1 / 1 + rt Note that the A and B households have the same discount rate and the same utility function. The only thing that is possibly different is their endowments. 1, Write down the Euler equation for households A and B.oDescribe 3 ways in which human decisions making differs from the rational individual conventional economic theory
- Can Entreprenuership be thougth?Which of the following is an example of a positiveexternality?a. Dev mows Myra’s lawn and is paid $100 for theservice.b. Dev’s lawnmower emits smoke that Myra’sneighbor Xavier has to breathe.c. Myra’s newly cut lawn makes her neighborhoodmore attractive.d. Myra’s neighbor Xavier offers to pay her if shekeeps her lawn well groomed.Suppose X = R k + for some k ≥ 2, and we define x = (x1 , …, xk ) ≥ = (y1 , …, yk ) if x ≥ y; that is, if for each i = 1, …, k, xi ≥ yi . (This is known as the Pareto ordering on R k + ; it plays an important role in the context of social choice theory in Chapter 8.) (a) Show that ≥ is transitive but not complete. (b) Characterize ≥ Is asymmetric? Is≥ Negatively transitive? Prove your assertions. (c) Characterize ~ defined from ≥ in the usual fashion; that is, x ~ y if x ≥ y and y x. Is ~ reflexive? Symmetric? Transitive? Prove your assertions.
- What are four responses to the claim that people should not behave in the way described in this chapter?Some economists maintain that the returns to additional years of education is actually quite small but that there is a substantial “sheepskin” effect whereby one receives a higher salary with the successful completion of degrees or the earning of diplomas (i.e., sheepskins).Explain how the sheepskin effect is analogous to a signaling model.how to solve paritals se,ie
- to what extent is incone in equality a result pf choices made by the individual?Modified True or False: State whether each statement is true or false. If the statement is false, briefly explain why it is so, and then restate it to make it true. k. Pareto efficiency or Pareto optimality is a condition where no change is possible that will make some members of society better off without making some other members of society worse off.please answer a & b In a used car market there are two types of cars: bad (B) and good (G). Assume that the utility from a bad car is Ub= Php100, and the utility from a good car is Ug = Php1000. Jaebeom, the owner of IGOT7 Used Cars Company, buys cars from the general public for his lot (assume he just keeps them on his lot for now). The owners of the cars who are selling to Jaebeom know the qualities of the cars they are selling, but Jaebeom does not. a. If car type is observable, what is the price paid for good and bad-type cars?b. Describe the equilibrium in the market assuming that Jaebeom can only offer the same buying price toany car in the market (i.e. cannot discriminate among sellers). What is the equilibrium used car price?
