If One Accepts the Tenets of the School of Ethical

question 27

Multiple Choice

If one accepts the tenets of the school of ethical relativism,then it follows that:

• A) there are multiple sets of ethical standards rather than a single universal set.
• B) at least some ethical standards are governed by local norms,religious doctrines,and social customs rather than by absolute standards of right and wrong.
• C) what constitutes ethical or unethical behavior on the part of businesses must in some cases be judged in the light of local customs and social mores.
• D) it is inappropriate to hold businesses accountable for observing a universal set of ethical standards.
• E) All of these.

---

Definitions:

Behavioral Economics

A field of economics that studies the effects of psychological, social, cognitive, and emotional factors on economic decisions.

Time Inconsistency

The tendency of individuals to change their plans or preferences over time in ways that they themselves will later regard as being against their own interests.

Myopia

Short-sightedness, in a business context, refers to a focus on short-term results at the expense of long-term interests.

Conceptualizing The Future

The process of envisioning and planning for future trends, changes, and developments in an industry or society.