According to Deontology,_____

question 3

Multiple Choice

According to deontology,_____.

• A)rules are emphasized instead of results
• B)lying cannot be universalized as it depends on the preexistence of honesty
• C)emphasis is on what is the fair way to distribute goods among a group of people
• D)people give up certain rights to government in exchange of security
• E)social contract can be changes by the participants in a community

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Definitions:

Accounting Costs

Explicit costs involving monetary payment or outlay by an organization or individual for goods or services.

Economic Profit

The difference between the total revenue generated by a business and the total costs, including both explicit and implicit costs.

Accounting Profit

The total revenue of a firm minus the explicit costs directly associated with its operation, such as materials and labor, calculated according to standard accounting practices.

Implicit Cost

The opportunity cost equal to what a firm must give up in order to use resources it already owns for production, without direct payment.