According to Lehman and Dufrene (2011), the Purpose of Ethics

question 40

Multiple Choice

According to Lehman and Dufrene (2011) , the purpose of ethics is to

• A) deal with customers quickly.
• B) get away with unlawful or improper behaviour.
• C) be guided by principles of right and wrong in making decisions.
• D) be good at the technical side of the job.

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Definitions:

Allocative Efficiency

A state of resource allocation in which it is impossible to make anyone better off without making someone else worse off, often achieved when the value placed on goods and services by consumers is aligned with the costs of producing them.

Productive Efficiency

A state where an economy or entity can no longer produce more of one good without reducing the production of another good, implying that production occurs at the lowest possible cost.

Creative Destruction

A process in capitalism described by economist Joseph Schumpeter, where outdated products, technologies, or companies are replaced by new innovations.

Railroads

A means of transport consisting of rails, typically on tracks, over which trains travel to carry goods or passengers.