Exam 3: Ethics in Business

A cost-benefit analysis is part of

Making ethical decisions is most often best done by analyzing objective standards (such as profit or number of people fired)instead of subjective impacts on stakeholders.

Conduct that is legal is ethically unquestionable.

A business corporation that acts to ensure its employees are treated fairly and its operations minimally impact the environment is applying the concept of

Lily, an executive with Medico Inc., has to decide whether to market a product that could offer substantial benefits but might also have potentially serious side effects for a small percentage of users. Using the different ethical philosophies discussed, analyze the decision.

Teresa must resolve a business problem for which she believes there is no easy answer. She identifies the reasons for this belief before analyzing solutions. In terms of the IDDR approach, this is

As part of the IDDR approach described in the text, it is important to list many possible actions and analyze them using several different ethical theories.

To avoid unethical practices by a foreign supplier, an effective business practice is to

The term moral minimum is best defined as the highest degree of ethical behavior expected of a firm.

Basil and other managers employed by Creosote Company are most likely to find that unethical behavior in the workplace can be deterred by

Ray, the manager of Soy Farm Inc., must decide whether to plant genetically modified seed that could spread to the crop of an adjacent farm, whose owner opposes its use. Not using the seed could cut Soy's production and profitability, impacting its owners, employees, creditors, and others. If Ray considers all of these factors in making his decision, he is likely applying

Rationalization is the process of making a logical decision based in evidence and an analysis of the ethical dimensions of the decision.