A person is given the opportunity to volunteer at a local food bank. They consider the other things they could do at that time, such as cleaning and watching TV. They know that the work that they do could really benefit people at the food bank, whereas the other activities only benefit themselves. They decide that the service is the best decision for them. What type of ethical theory does their though process and decision follow?
a. rule utilitarianism
b. act utilitarianism
c. deontological theory
d. ethical egoism
Ans: b. act utilitarianism
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In the Keynesian model, which of the following will cause an increase in interest rates?
A) An increase in money demand B) An increase in money supply C) An increase in saving D) A decline in saving
Behavioral economists have discovered that
A) transitivity of preferences always holds, even in animals. B) the law of demand does not hold in controlled experiments. C) transitivity of preferences does not always hold, especially for young people. D) reflexivity of preferences is not true.
Equilibrium GDP will not exist where output exceeds aggregate demand because businesses will notice that
a. their profits are positive. b. inventory stocks are building up. c. inventory stocks are being depleted. d. their level of depreciation is rising.
Any point on a country's production possibilities frontier represents a combination of two goods that an economy
a. will never be able to produce. b. can produce using all available resources and technology. c. can produce using some portion, but not all, of its resources and technology. d. may be able to produce in the future with more resources and/or superior technology.