As an Approach to Ethics,_____ Is Concerned with Following a Moral

question 38

Multiple Choice

As an approach to ethics,_____ is concerned with following a moral law,or set of principles,which comes from a source outside the individual,such as religion.

• A)contextual ethics
• B)hedonism
• C)situationism
• D)legalism

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Definitions:

Consumer Surplus

The difference between the maximum price a consumer is (or consumers are) willing to pay for an additional unit of a product and its market price; the triangular area below the demand curve and above the market price.

Net Benefit

Net benefit refers to the total positive effects or advantages of a decision or action, minus any costs or negative effects associated with it.

Creative Destruction

A process where new innovations cause the demise of older industries or technologies, leading to economic growth and development.

Economic Recession

A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.