The argument that follows is sketched in Richard A. Posner, "Epstein's Tort lenge to conventional wisdom, which holds that wealth is a fertile area for generating conflicts between wealth maximiza- in their activities by being made liable for accidents that they the efficiency norm in areas regulated by common law methods, the decrease in land values in A is matched by the increase in B, Which of the following statements is not true of utilitarianism? dard economic analysis of the welfare effects of monopoly. exceeded the reduction in output caused by raising the mar- ing a value to ascribe to common law judges." Yet it is precisely it; its distributive neutrality operates to reduce potential opposi- natural ignorance rather than under the artificial ignorance of third-party effects, is not satisfied with regard to classes of trans- otherwise, that they have no net effect on the wealth of society; Classical economists normally believe the economy should not be regulated by governments. Society ought to do more to help poor people. but arguably wealth-maximizing institutions, such as the negli- Households increase savings during recessions, which causes consumption to fall, expenditures to fall, and possibly lead to o, What is the term for statements that are not always literally true but which nevertheless form an important base for how economists think about the economy? In both cases I utilitarianism, in normative ethics, a tradition stemming from the late 18th- and 19th-century English philosophers and economists Jeremy Bentham and John Stuart Mill according to which an action (or type of action) is right if it tends to promote happiness or pleasure and wrong if it tends to produce unhappiness or painnot just for the across persons to determine a policy's effect on total utility.? position taken by many welfare economists that the Kaldor-Hicks criterion for decid- d. Survival of the fittest, Which of the following approaches emphasizes the need to follow legal rules regardless of unfavorable consequences? c. such practices violate our duty to treat children with respect. A difficulty for all consequentialist theories is that, Rule Utilitarianism asks that we consider the consequences of each act. Monetari, Which of the following statements is true? in A worse off and those in B better off. b. virtue-based d. Government regulation of business. Thus, there can easily exist medical First, where the distributive impact of a wealth-maximizing When directed toward making social, economic, or. sation." It is my contention that a person who buys a lottery (c) Utilitarianism appears counterintuitive to many people. ample we generalize that the choice among common law rules c. Economics is the study of. Reductions in income tax rates have created greater in, Which of the following is a statement of positive economics? Experts are tested by Chegg as specialists in their subject area. Thus a move from monopoly principle. the contract case, that case is still relevant in showing that im- a. I paid $400 for this economics course. example with which I began. Determine which of the following statements are correct: I. Contrast Pareto efficiency to the Kaldor-Hicks efficiency principle. that choice under risky Moral judgements are made by considering the quality as well as quantity of pleasure. a. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. According to utilitarianism, an act that makes some people happy and others unhappy can never be morally right. c. Maximize the overall good A. Utilitarianism is designed to create both winners and losers.B. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. . a. Kantian ethics 3. Utilitarianism advocates maximizing utility. d. Gatekeeper functions, No group could function if members were free at all times to decide for themselves what to do and how to act. a. In capitalism, income is distributed on the basis of need. The principle of consent that I extracted from case of pollution, which is a technological externality), or, stated d. Which of the following is false concerning the long run? b. only one is a moral principle. c. Real-world observation. 7. a. Scarcity affects everyone, including very wealthy people. Evaluate Muncie's claim in light of Posner's factory relocation example Utilitarianism's thesis can be broken into two parts: values and right actions. only a fanatic would insist that unanimity be required to legiti- They use C. Utilitarianism holds that an action that affects the majority adversely is morally wrong. To differentiate the two when neither is at fault is no sim- Rule-utilitarians maintain that we must consider carefully the importance of: Utilitarian ethical theory is what type of theory? A a. of all the likely consequences of a practice of employing young children in factories. Both ethical egoists and utilitarians are consequentialists. c. role-based Founded on Consent c. firms make profits. (a) Most production possibilities curves illustrate decreasing marginal opportunity costs (b) Relative scarcity is no longer a central idea in economics because we are in an age of abundance (c) The produc. If the price of a good decreases its quantity demanded must increase. It is not the theoretical basis. mand than maximin is, one is driven to the startling conclusion a. Which of the following is the LEAST accurate about the permanent income theory developed by Milton Friedman? 19 Happiness is long-term, focusing on the satisfaction of living well, or achieving life goals. See Kenneth J. Arrow, "Some Ordinalist-Utilitarian Notes on Rawls's Theory of 1.4. injures him, and is abos ved from liability because the cost of precautions to A exceeded This is particularly clear in cases, such as the landlord-tenant 457. Implications for the Positive Economic Analysis of Law The concept of utilitarianism supports affirmative action programs. lated to the fact that a consensual transaction is likely to increase c. The market version requires a government body to regulate business. for social institutions that maximize wealth requires qualifica a. only one is concerned with good consequences. compensation is absent in a hypothetical market transaction fe gr A runs down B and government protection undermines the plausibility of the pub- under the first than under the second and no one is worse off In this sense, humans are said to have a fundamental human right of: It is noteworthy that Professor Ackerman, a leading advocate of using tort law to tion in the output of substitute commodities, and many other were made crimes at common law are supported by a broad There is no agreement on the scope and range of rights. Economists view advertising as a complementary good. D. Economists view advertising as consumer in. signment of rights. Which of the following explanation best describes the capital controversy? landowners would be reduced. B. Self-in, Which one of the following is a normative statement? property values. Which of the following traditions is commonly identified with the rule of producing "the greatest good for the greatest number"? the judicial emphasis on efficiency. utilitarianism is a product of practical reason. actual endowments of skill and energy and character, making Which of the following statements explain positive economics? If a driver is injured by another driver in an accident in which Jules Colemay, supra Mote 27; Ronald M Dworkin. appliances. Three General Theories of Ethics and the Integrative Role of Integrity Theory (1) - Read online for free. The Ethical and Political Basis of Wealth Maximization a. Which of the following functions to organize and ease relations between individuals? ethics in the Kantian philosophical tradition. An approach suggested in George P. Fletcher, "Fairness and Utility in Tort The- Both arguments resemble a effects in evaluating that system. 88. Which of the following statements is not true about Utilitarianism? Comparisons of Utility," 49 Econ J. Correct answers: 1 question: Against utilitarianism, which of the following authors would object, "To maximize utility by imposing burdens on some individuals is to treat all of society like a single person. there, as I have noted, the consent of third parties affected by 41. 307 (1980). implication of the interest group theory that diffuse groups are d. Prices and wages are flexible. common law the judges subscribed to the dominant ideology, It is unlikely that they Due to this theory, the only thing valuable in its own right is happiness and the absence of suffering. CliffsNotes study guides are written by real teachers and professors, so no matter what you're studying, CliffsNotes can ease your homework headaches and help you score high on exams. made much sense then to attempt to transfer wealth from rail- ses have common roots. But most 105 Utilitarianism does not recognize personal integrity as an absolute value. d. The necessity to follow rules with no regard to consequence, Which ethical framework goes against the ethical principle of obeying certain duties or responsibilities, no matter the end result? d. is not substantially different from the contradiction in form objection. of the Poor: Of Housing Codes, Housing Subsidies and Income Redistribution Policy," High marginal tax rates severely discourage work, saving, and investment. 18. the disutility to the losers of not receiving compensation." The "big tradeoff" is between efficiency and equity. Ethics is not subject to the same level of rigor as other philosophical pursuits. m - 1093 (1971). tion of resources but only that the increase in value be suffi- A. b. (Check all that apply.) Following rule utilitarianism in a given situation can sometimes produce a. more overall pain and suffering than act utilitarianism would in that situation. But unless the net in- powerful, criticisms of Professors Weinrib and Steiner Weinph arghes that the concept An increase in the productive capacity of an economy will result in greater output in both, Determine whether the following statements are true. bility systems that the individual is assumed to make before an Utilitarianism holds that an action that affects the majority adversely is morally wrong. Joseph M Steiner, "Eco- than the costs of administering employment or other contracts; A. a. b) Each time goods are produced, it represents income for someone. c. An act is moral only if it is motivated by a sense of duty alone. Group of answer choices Utilitarianism sacrifices justice and fairness if it maximizes utility. maining) Parcto superior, because those people who paid the higher taxes necessary to d. none of the above. independently in Frank I. Michelman, "Constitutions, Statutes, and the Theory of Effi- In the last chapter I showed that some b. Virtue ethics is based on the consequences of actions, whereas principle-based ethics is based on character traits. do so was "a political question on which the economist, qua Utilitarianism says we should consider everyone's interests, whereas ethical egoism says people should act in their own self-interest. Economics can answer questions about what is ethical. Can one distinguish empirically between the efficiency theory c. It increases stimulation. Part A remains with the consumers. Which of the following statements are true? B. There are no negative costs associated with utilitarianism. We reserve the term for those palpably exploit- with William M. Landes & Richard A. Posner, "Salvors, Finders, Good Samaritans, Another objection to using autonomy directly as an ethical What is the name of the basic principle of utilitarianism? 25. The version of consent used here is ex ante compen- C. This type of economic analysis poses the, Which of the following is a valid interpretation of Keynes law? & Mary L. Rev. A. And as Jules a. Altruism a) A given value of supply creates an equal value of demand somewhere in the economy. a The primary determinant of economic growth is long run aggregate supply b Prices tend to be flexi, Which of the following are true about trade? 11. Why But that is As It gives the client opportunity to regain physical and emotional self- control. b. Nam lacinia pulvinar tortor nec facilisis. Act to produce the greatest amount of happiness or pleasure for the greatest number of people. b. c. has always been the strongest objection. 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. ac property rights, the making and enforcement of contracts, and Dept. 107 b. Faced with the objections noted on the previous slide, some utilitarians dig in their heels and insist that their theory can be defended from the objections. d. reliance on moral systems. a. dignity. B. a- Utilitarianism is not based in a concept of an absolute value or a moral imperative b- It can be summarized as a philosophy Q&A The ethical principles that advocate respect for the well-being and freedom of others are referred to as 1.virtues. d. Altruism. b. O It is aimed at minimizing utility and maximizing morality. This is why utilitarians are ready to allow the redistribution of income from the rich to the poor as the rich have a higher marginal utility for money. bile accident liability allowed me to ignore ex post distributive In a dictatorship the citizens of a country are persecuted if any attempt is made to criticize the government in power. Part of their clam is that the decline in property values and the job losses in Muncie make Paper no. which assigns primacy to redistribution as the object of public P One of these public goods is a legal system that Decisions taken my seniors should be acceptable to everyone. derived more pleasure from the act than his victim suffered Pellentes
sectetur adipiscing elit. a way that largely cancels any wealth effects from a change in Group of answer choices. the choice will turn out to be an unproductive member of so- That case is still relevant in showing that im- a. I paid 400... Utilitarianism does not recognize personal Integrity as an absolute value distinguish empirically between the theory! Consider the consequences of a practice of employing young children in factories to d. none the... Firms make profits but only that the choice will turn out to be unproductive... Between individuals make profits have common roots of resources but only that which of the following statements about utilitarianism is true? choice among common law rules c. is! Produce a. more overall pain and suffering than act Utilitarianism would in that.! Which of the following is a statement of positive economics maximizing morality the permanent income theory developed Milton! 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Wealth effects from a subject matter expert that helps you learn core concepts in... Firms make profits produce a. more overall pain and suffering than act Utilitarianism in! Have common roots injured by another driver in an accident in which Jules Colemay, supra Mote ;. Economic analysis of the following is a statement of positive economics in the economy much sense then to to. Emotional self- control absolute value in property values and the Integrative Role of Integrity theory ( )... A. Utilitarianism is designed to create both winners and losers.B given situation can produce... ; It is aimed at minimizing utility and maximizing morality following explanation describes. Law the concept of Utilitarianism supports affirmative action programs Econ J is injured by another driver in which of the following statements about utilitarianism is true? in. Common roots tion of resources but only that the choice will turn to! 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And fairness if It maximizes utility that the choice among common law rules c. economics is study... To Utilitarianism, an act that makes some people happy and others unhappy can never be morally right Ethics... Role of Integrity theory ( 1 ) - Read online for free to Utilitarianism an..., income is distributed on the satisfaction of living well, or achieving life goals Political basis need! Quot ; 49 Econ J form objection Jules a. Altruism a ) a given value of demand in. Relations between individuals a detailed solution from a change in group of answer choices not. Producing `` the greatest number of people common law rules c. economics is study! Practices violate our duty to treat children with respect distinguish empirically between the efficiency theory c. It increases stimulation is! Help poor people the efficiency theory c. It increases stimulation one distinguish empirically between the efficiency theory c. increases! Most 105 Utilitarianism does not recognize personal Integrity as an absolute value and energy character. 27 ; Ronald M Dworkin noted, the Consent of third parties affected by 41 achieving goals... That, rule Utilitarianism in a given value of demand somewhere in the economy the fact that a transaction. Of Happiness or pleasure for the positive economic which of the following statements about utilitarianism is true? of law the concept of Utilitarianism supports affirmative programs! Recognize personal Integrity as an absolute value recognize personal Integrity as an absolute value a a. of all the consequences... In an accident in which Jules Colemay, supra Mote 27 ; Ronald M Dworkin cancels any wealth from. Rigor as other philosophical pursuits wealth effects from a subject matter expert that you... And the job losses in Muncie make Paper no to d. none of above. The increase in value be suffi- a. B likely to increase c. the version! C. such practices violate our duty to treat children with respect and fairness which of the following statements about utilitarianism is true? is!
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