Midterm Examination
Directions: Read carefully, and answer fully, each of these questions. You may either print or use cursive writing, but if I cannot read your response, I cannot evaluate it! Your answer may include diagrams or bullet points as part of the answer, but diagrams and bullet points alone are not sufficient to earn full credit.
- How does the nature of law, and the nature of ethical expectations, combine to create challenges for business?
- How did a change in the view of "prudence" impact the discussion of "business ethics"?
- Why is "private property" necessary for a discussion of "business ethics"?
- Define egalitarianism, and discuss its application in a discussion of business ethics.
- Why is "profit seeking" seen by critics as unethical? How would supporters of "profit seeking" respond to these criticisms?
- Compare and contrast the economic systems of capitalism and communism. Why do capitalism's critics view the system as "unjust"? How would capitalism's proponents respond?
- Describe the "Tragedy of the Commons", and relate it to the discussion of capitalism versus communism (think Pilgrims).
- How is the phrase "private vice, public benefit" used to label profit-seeking activities as unethical?
- Define egoism, as broadly used to justify individual business choices.
- Define utilitarianism, as used to justify individual and corporate decisions.
- Define a "fair wage", as in our class discussions. How does the current discussion of "living wage" differ, and how does this impact public perception of business ethics?
- What do critics of "excessive executive compensation" claim? How do supporters of these levels of compensation justify their position?
- Define utilitarianism, egoism, virtue ethics, Kant's Categorical Imperative, Rawls' Veil of Ignorance, teleological approach, deontological approach.