Which of the Following Statements Describes the Decision Guidelines for an Ethical

question 136

Multiple Choice

Which of the following statements describes the decision guidelines for an ethical decision?

• A) Identify the ethical issue, specify alternatives, calculate the gain or loss on each alternative solution, and choose the solution with the smallest gain or highest loss.
• B) Identify the ethical issue, specify alternatives, consult the Code of Professional Conduct, and choose the solution which has the greatest benefit to the largest number of people.
• C) Identify the ethical issue, specify alternatives, assess the possible outcomes, and make the decision.
• D) Identify the ethical issue, consult an external auditor, and make the decision.

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Definitions:

Art Auction Houses

Organizations that facilitate the buying and selling of art pieces through an auction system, often dealing with high-value items.

Catfish

A diverse group of ray-finned fish known for their prominent barbels, which resemble a cat's whiskers.

Industrial Regulation

Oversight and rules established by government agencies to govern how businesses can operate in certain industries to promote fair practices and competition.

X-inefficiency

A situation where a firm operates with higher than necessary costs due to a lack of competition or other inefficiencies, not achieving maximum productivity.