Beliefs About Which Behaviors Are Acceptable and Which Are Unacceptable

question 7

Multiple Choice

Beliefs about which behaviors are acceptable and which are unacceptable for specific persons in specific situations are known as _____________.

• A)Morals
• B)Ethics
• C)Values
• D)Norms

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Definitions:

Marginal-cost-marginal-benefit Rule

A principle suggesting that optimal decision making involves continuing an activity until the additional benefits no longer exceed the additional costs.

Cost-benefit Analysis

A systematic approach to estimating the strengths and weaknesses of alternatives used to determine options that provide the best approach to achieve benefits while preserving savings.

Economic Project

A planned undertaking, typically with specific goals and financial frameworks, aimed at contributing to economic development or addressing economic issues.