Which of the Following Statements Accurately Distinguishes Between Laws and Ethics

question 79

Multiple Choice

Which of the following statements accurately distinguishes between laws and ethics?

• A)Ethics deal with personal and moral principles while laws are society's values and are enforceable in the courts.
• B)Ethics deal with internal (personal)issues, and laws deal with external (social)issues.
• C)Ethics deal with religious and moral beliefs, and laws deal with social, economic, and environmental behaviours.
• D)Laws reflect the beliefs of the majority, and ethics reflect the beliefs of smaller individual segments of society.

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Definitions:

Substitution Effect

The economic principle that as the price of a good or service rises (or incomes decrease), consumers will replace pricier items with less costly alternatives, holding the utility derived from consumption constant.

Price Decreases

Price decreases occur when the cost of goods or services goes down, often due to factors like increased competition, lower demand, or decreases in production costs.

Income Effect

The effect of changes in either individual or economic income on the demand levels for goods or services.

Inferior Good

A type of good whose demand decreases as consumer income rises, meaning it is often replaced by more desirable goods as financial circumstances improve.