In this chapter, virtue can lead to material gain and therefore it can be an important part of the social order. Evaluate this view of virtue or moral behavior. Is material gaining a sufficient motive for morality? Is moral behavior based on more than the possibility for personal gain?
What will be an ideal response?
Frank argues that material gain is a by-product of moral behavior, not a cause. He says that for the rewards to be real, the moral behavior must be heartfelt. What is not clear is where the moral behavior is derived from in the first place. Perhaps genetic predisposition or religious beliefs are core to the morality issue. The motivation for voting and the origin of patriotism is a similar kind of issue that might be questioned. Clearly non egoistic behavior that is faked will not increase welfare in the long run, but genuine virtuous behavior can have significant rewards.
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Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. The opportunity cost for Canada is:
A. 2 apples for each pair of shoes. B. 2 pairs of shoes for each apple. C. ½ apple for each pair of shoes. D. ½ pair of shoes for every 2 apples.
Which of the following is not one of the three fundamental economic questions?
a. What happens when you add to or subtract from a current situation? b. For whom to produce? c. How to produce? d. What to produce?
In a traditional economy, decisions about what to produce, how to produce, and who should get society's output are made by
a. the market b. the government c. repeating what was done in the past d. business firms e. nonprofit firms
By law what goals are the Federal Reserve to pursue? What, if any, specific weights are given for these goals?