Michael D. Bayles | the Professional-Client Relationship

question 97

Multiple Choice

Michael D. Bayles | The Professional-Client Relationship
Bayles presents a number of ethical models relevant to the professional-client relationship, based on the proportion of authority and responsibility expected from each: agency, contract, friendship, paternalism, and fiduciary. He concludes with support for a model that gives the most freedom and authority to clients, given their knowledge of the situation, a contract between equals whenever possible, and a paternalistic model only for cases in which a client may be incompetent
-The ethical model in which the client has most of the authority and responsibility for decisions is the ___________ model.

• A) paternalistic
• B) friendship
• C) agency
• D) fiduciary

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Definitions:

Technological Change

The process of invention, innovation, and diffusion of technology or processes which significantly alters the way goods or services are produced.

Productivity

A measure of the efficiency of production, often quantified as the ratio of outputs produced to inputs used in the production process over a defined period of time.

American Economy

The economic system of the United States, characterized by a mix of private and public enterprises and a relatively high level of technological innovation and productivity.

Savings Rate

The Savings Rate is a measure indicating the proportion of income that households save rather than spend on consumption.