Walter Rents Some Ice Time at the Local Hockey Rink

question 17

Multiple Choice

Walter rents some ice time at the local hockey rink for 2 hours.After skating for an hour,he finds himself cold,tired,and hungry.If Walter decides to skate around for the other hour before leaving,it is likely because he:

• A)is ignoring the sunk cost of the rink time.
• B)is considering the sunk cost of the rink time.
• C)is weighing his opportunity costs of the second hour against the benefits of the second hour of skating.
• D)None of these is true.

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Definitions:

Ethical Concern

Issues or situations that require individuals or organizations to choose between alternatives that must be evaluated as right or wrong, based on ethical principles.

Kohlberg

Lawrence Kohlberg was an American psychologist best known for his theory of stages of moral development.

Business Transactions

Financial or commercial activities that involve the exchange of goods, services, or information between businesses or within a business.

Virtue

A trait or quality deemed to be morally good and thus is valued as a foundation of good moral being.