Reference no: EM131008370 , Length: 1800 Words

Midterm Examination

Directions: Read carefully, and answer fully, each of these questions. You may either print or use cursive writing, but if I cannot read your response, I cannot evaluate it! Your answer may include diagrams or bullet points as part of the answer, but diagrams and bullet points alone are not sufficient to earn full credit.

• How does the nature of law, and the nature of ethical expectations, combine to create challenges for business?
• How did a change in the view of "prudence" impact the discussion of "business ethics"?
• Why is "private property" necessary for a discussion of "business ethics"?
• Define egalitarianism, and discuss its application in a discussion of business ethics.
• Why is "profit seeking" seen by critics as unethical? How would supporters of "profit seeking" respond to these criticisms?
• Compare and contrast the economic systems of capitalism and communism. Why do capitalism's critics view the system as "unjust"? How would capitalism's proponents respond?
• Describe the "Tragedy of the Commons", and relate it to the discussion of capitalism versus communism (think Pilgrims).
• How is the phrase "private vice, public benefit" used to label profit-seeking activities as unethical?
• Define egoism, as broadly used to justify individual business choices.
• Define utilitarianism, as used to justify individual and corporate decisions.
• Define a "fair wage", as in our class discussions. How does the current discussion of "living wage" differ, and how does this impact public perception of business ethics?
• What do critics of "excessive executive compensation" claim? How do supporters of these levels of compensation justify their position?
• Define utilitarianism, egoism, virtue ethics, Kant's Categorical Imperative, Rawls' Veil of Ignorance, teleological approach, deontological approach.

Words Limit: 1500-2000