In the Context of Ethical Theories, a Challenge Takes the Form

question 21

Multiple Choice

In the context of ethical theories, a challenge takes the form of a dilemma in which the decision one must make requires one to make a right choice knowing full well that one is:

• A)not likely to suffer something bad as a result of that choice.
• B)not leaving an equally right choice undone.
• C)contradicting a personal ethical principle in making that choice.
• D)adopting an ethical value of one's community or society in making that choice.

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Definitions:

Opportunities

Circumstances that make it possible to do something, often leading to new ventures or investments in economics.

Scarcity

The limits placed on the amounts and types of goods and services available for consumption as the result of there being only limited economic resources from which to produce output; the fundamental economic constraint that creates opportunity costs and that necessitates the use of marginal analysis (cost-benefit analysis) to make optimal choices.

Opportunity Costs

Missing out on potential gains from various alternatives once a particular option is picked.

Economics Quiz

A set of questions designed to test knowledge and understanding of economic principles and theories.