In Order to Determine Whether to Major in Economics, a Rational

question 73

Multiple Choice

In order to determine whether to major in economics, a rational individual compares the _{--------------------}of the decision.

• A)marginal benefit and marginal cost
• B)normative benefits and positive costs
• C)positive benefits and normative costs
• D)opportunity cost and the sunk cost
• E)self-interest and social-interest

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Definitions:

Ethical Absolutism

The philosophical viewpoint that certain actions are absolutely right or wrong, regardless of the context or circumstances.

Cultural Relativism

The belief that a person's beliefs, values, and practices should be understood based on that person's own culture, rather than judged against the criteria of another.

Ethicists

Scholars who study and analyze moral principles and how they apply to behavior.

Prohibition

The legal act of forbidding certain actions, substances, or activities, typically through legislated bans.