Mgt610 Midterm Solved Mcqs by Junaid

MGT610-BUISNESS ETHICS
(SOLVED MCQs)
FROM MIDTERM PAPERS
LECTURE (1-22)
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JUNAID MALIK
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AL-JUNAID TECH INSTITUTE
1. The kind of Care that is Owed to those with whom have special
Concrete relationship is known as?
► Standards of Caring
► Utilitarian Standers
► Standards of Justice
► None of Given
2. Determining Factors of the Economy Include All Except
► Trade Policy
► Fiscal Burden of the Government
► Property Right
► Educational Level
3. Which of the following is/are classification of countries with respect to
economy?
► Mostly Free
► All the given Option
► Mostly Unfree
► Free
4. In which country Locke’s property rights have been Influential?
► England
► Germany
► America
► Greek
5. Accesses to particular resources, the availability of Labor are indicators
of?
► Natural advantages
► Technological advantage
► Acquired advantage
► None of Given
6. John Maynard Keynes arguments were the most influential in
economics, when they become less convincing?
► 1990
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► 1980
► 1970
► 1960
7. Which theory includes means of production and selling one’s labor?
► Socialist System
► Free economy system
► None of above
► Capitalist System
8. Which one of the following best Describes how benefits and burdens
should be distributed among the members of a group?
► Utilitarian Standards
► Standards of Justice
► None of above
9. Modern mil’s Decision to remain in the community and help for this
workers by continuing to pay them offer the fire is an example of which
ethical theory?
► Compensatory Justice
► The ethical of care
► Communitarian ethics
► Distributive Justice
10. Which of the Following is the Most influential critic of Adam
Smith?
► John Hicks
► Charles Darwin
► Maynard Keynes
► Herbert Spencer
11. Greater economic freedom ranking Countries enjoy which of the
following?
► None of Given Options
► Highest Standards of living
► Greater Degree of political freedom
► Both A and B
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12. Which Sort of Standards must be Employed When Evaluating
actions whose distributive effects differ in important ways?
► Standard of Justice
► Standards that specify how individuals must be treated
13. Naturalistic Fallacy refers to:
► Everything that is Good it must be Natural
► None of Given option
► Good is same as Natural Property
► If something Happens Naturally is always good
14. Protect property contract right and open markets are the signs of
Which kind of Government?
► Limited Government
► Restricted Government
► None
► Full Command Government
15. American Society is unjust if it does not Treat Minorities equal to
whites. This is an example od.
► Moral Standards
► Moral Value
► None
► Moral Judgement
16. Which of the Following is not a Determining Factor of
Company?
► Property Rights
► Poverty Level
► Wage and Price Levels
► Monetary Police
17. Which of the following system have absolutely no constrains on
what one can own and what can do with it?
► Pure free Market System
► Command System
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► Communitarian System
► None
18. Who has Stated the principle of Comparative advantage?
► Eli Hacks Cher
► Bertil Ohlin
► David Ricardo
► Adam Smit
19. On the rightness or Wrongness of the policy, institution or
behavior is known as?
► Moral Reasoning
► Moral Judgement
► Moral impartiality
► None
20. The behavior respects the Basic rights of the individuals involved
and whether the behavior is Consistent with One’s agreements and
special duties is referred as?
21. Who proposed Utilitarian argument?
► Alasdair Maclntyre
► John Rewls
► Adam smith
► John Locke
22. Which of the following purpose that Nations should not
artificially Limit imports nor artificially Promote Export?
► Economic Freedom Index
► Free Trade
► Invisible Hand
► Economic Freedom
23. Who presented the theory of absolute advantage?
► Eric Mack
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► Adam Smith
► Friedrich A, Hike
► Murray Roth Hard
24. Which one of the following is not Considered as a Moral
Standard?
► Respect Moral Right
► Exercise Caring
► Undistributed Benefits and Burdens Not Confirm
► Maximize Social Utility
25. Which one of the Following is NOT a Component of Free Market
system?
► Private Property System
► Communitarian System
► Voluntary Exchange System
► None
26. Who Wrote the Book “The Wealth of Nations”?
► John Locke
► John Maynard Keynes
► Karl Marx
► Adam Smith
27. According to Aristotle, which of the Following Enable Humans
to act in Accordance with their Specific Purpose?
► Moral Virtues
► Moral Responsibility
► None
► Moral Standards
28. Which of the Following Are Essential when Moral Questions
arise that Involves persons embedded in a Web of Relationships?
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29. Which of the following best Describe the Theory of “Absolute
Advantage”?
► Developed Countries Have a Competitive Advantage over
Underdeveloped Countries
► Countries A is Specialized in Producing Product X and B in
product Y. If Both countries trade together, then both Countries
will gain.
► None
► Strategy of Business who always seek to gain Comparative
advantage over their rival?
30. The Factor that Approximates the extent to which a Government
intervenes in the areas of free choice, free enterprise, and Market-
driven prices is known as?
► Economic independence index
► Economic Liberty Index
► Economic Freedom Index
► None
31. How many sources of income Capitalist system offers?
►2
►3
►4
►5
32. Which one of the Following ethics sees concrete communities
and Communal relationships as having a Fundamental Values?
► Communitarian Ethic
► Socialism
► The care of ethic
► Demands of Caring
33. Which of the Following is/are decided by a Single authority ina
Command economy?
► What to produce
► All if Given
► Who will produce it
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► Who will get it
34. Country “B” requires 50 Labor hours to produce Cloth and 100
hours to produce grain. Country “A” requires 200 Labor hours to
produce cloth and 200 hours to produce grain. Which of the following
statements is true?
► Country “A” has an absolute advantage in the production of
Grain
► Country “A” has an absolute advantage in the production of both
cloth and Grain
► Country “B” has a comparative advantage in the production of
cloth
► None
35. Which theory was proposed by David Ricardo in 1817?
► Resource Efficiency advantage
► Comparative advantage
► Acquired advantage
► Natural Advantage
36. The modern corporations consist of
.
► None of the given
► Stock holders, Employees,
Customers
► Stock holders, Employees,
Directors
► Directors, Managers,
Customers
37. Which one of the following is NOT the criterion employed by different
ethicists to evaluate moral reasoning?
► Moral reasoning must be logical
► Factual evidence must be accurate, relevant,
and complete Moral standards must be
consistent
► Moral development must be ethical
38. Mujeeb and Imran are defendants charged by the government for
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insider trading. According to the prisoner's dilemma scenario what will result
in the worst outcome for Mujeeb?
► Mujeeb confesses and
Imran does not. Both
Mujeeb and Imran confess.
► Both Mujeeb and Imran stay
silent.
► Mujeeb doesn't confess and
Imran does.
39. Who is the supporter of Categorical Imperative?
 Kant
 Sedgwick
 Bentham
 Mill
40. If Sameer destroy Sajjid s property or injure him bodily, Sameer will
be held morally responsible for paying him damages. This is an example
of:
► Redistributive Justice
► Socialist Justice
41. Suppose a female manager supervises 10 people and one of them
is a friend of hers. One day she catches her friend stealing from the
company. Should she turn in her friend as company policy requires or
should she say nothing to protect her friend? This is an example of?
► Demand of Caring
► Demand of Justice
► Conflict B/W caring and Justice
► None
42. Which one of the following moral judgment approaches will
be used when someone's actions and policies will substantially affect
the welfare and freedom of specifiable individuals?
► Utility
► Rights
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► Justice
► Caring
43. In which system slavery would be entirely legal?
► Free market system
► Command economy
► system Voluntary
► Pure Free Market
44. Who has defended free markets on the basis of utilitarian
argument?
► Friedric
h
► Hayek Alasdair Macintyre
► Adam Smith
► John Locke
45. Which of the following is an economic system in which the
means of production are privately owned and operated for a profit?
► Communism
► Capitalism doubt
► Liberalism
► Socialism
46. Which of the following economist has the harshest and most
influential critics of the inequalities that private property institutions
and free markets accused of creating?
► John Maynard
► Keynes Karl Marx
► Adam Smith
► David Ricardo
47. Which of the following is NOT a moral outcome of perfectly
competitive markets?
► Justice
► Faith
► Rights
► Utility
48. Chicken Delight is chain of food stores whose major product is
chicken. Chicken Delight would sell a franchise license to a person
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only if the person also agreed to purchase a certain number of
cookers, fryers, and other suppliers. This is an example of
► Tying Arrangement
► Exclusive Dealing arrangement
► Retail Price
► Maintenance Arrangement
49. Which of the following is Not a statement which presents the
firm s view on ethics?
► Value
► Statement
► Molarity
► Ethical Philosophy
50. Which markets embody sense of justice?
► Mixed Markets
► Liberal Markets
► Free Markets
► None
51. Which of the following choices does NOT describe a situation
that is covered by the concept of rights?
► The absence of prohibitions against an activity
► The existence of prohibitions on others to enable individuals to
pursue an activity
► The necessity of doing Something required by authority
► The authorized to do something to secure one’s interests
52. Which theory claims that people would be lazy without private
property?
► Capitalism
► Socialism
► Utilitarianism
► None
53. The most influential economic institutions are designed to
achieve?
► Production of the Goods
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► Distribution of the Goods
► Both
► None
54. According to Aristotle’s view, how do we learn virtue?
► By Habit
► By Dialectical
► Relational Instruction
► By Learning from our Mistakes
55. Which of the following factor may become a reason for moral
standard at Maturity?
► Experience
► ALL
► Intellection Development
► Learning
56. Japan is characterized of having More:
► None
► Individualistic Culture
► Collective Culture
► Feminist Culture
57. Which Philosopher defended the Idea that we should always treat
human as an end in itself rather than a means?
► Kant
► Bentham
► Mill
► Rawls
58. The concept that there are no relevant differences among people
that can justify unequal treatment is known as?
► Egalitarians
► Utilitarianism
► Socialism
► None
59. Commodities that are considered valuable only because they lead
to other good things are called:
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► Instrumental Goods
► Instrumental Values
► Intrinsic Values
► Intrinsic Goods
60. Socialist view on distribution is best described as:
► From each according to his ability, to each
according to his needs
► The benefits a person receives should be proportional
to his contribution from each they choose, to each as
they are chosen
► Always treat humanity as an end in itself rather than as a means
61. Factual evidence has the following
properties except?
► Time Bound
► Accurate Relevant
► Complete
62. Which of the following are the criteria for
determining moral right and wrong?
► Universalizability
► Reversibility
► Both
► None
63. Utilitarianism is unable to deal with
following kind of moral issues?
► Rights
► Justice
► Both
► None
64. What are the levels on which ethical
decision making occurs?
► Individual
► Organizational
► Business System
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► All
65. Privacy is an example of?
► Positive Right
► Basic Need
► Negative Right
► None
66. Equality of income and equality of
opportunity is refers to:
► Political Equality
► None
► Human Equality
► Economic Equality
67. Through utilitarianism offers a clear-cut method of calculating
morality. What is the number of problems identified with this
method?
►5
►4
►3
►2
68. Which of the following are components of free market systems?
► Private property System
► Voluntary Exchange System
► Both
► None
69. Which one of the following is not an essential component of
moral reasoning?
► Understanding of reasonable requirement of moral standard
► Evidence or information regarding these moral standards
► Both
► None
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70. How many sources of income Capitalist
systems offer?
►4
►3
►2
►5
71. Which of the following refers to the ability of a person
or a country to produce a particular good at a lower opportunity
cost than another country?
► Absolute advantage
► Natural advantage
► Resource efficiency
72. Which one of the following is not a basic type of moral
standards?
► Relevant
► Rights
► Justice
► Utilitarianism
73. Which one of the following is NOT a trait of character that makes
an individual a morally good human being?
► Courage
► Temperance
► Hope
► Justice
74. The limited rights and correlative duties that arise when one
person enters an agreement with another person is the definition of:
► Contract
► Justice
► Special
► Obligations
75. Which one is the justice concern of blaming or punishing persons
for doing wrong?
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► Retributive Justice
► None
76. Which of the following is the combining of two or more
independent bodies into a single body?
► Joint venture
► Merger
► Management Contract
► Licensing
77. Which one of the following does not come under Interpersonal
Concordance Orientation?
► Trust
► Opinion
► Affection
► Loyalty
78. Which one is considered as primary economic institution?
► Business Enterprises
► Band Insurance
► Companies
► None
79. The idea that moral rightness or wrongness is culture-
dependent is an example of:
► Moral Relativism
► Moral Absolutism
► Imperative
► Universality
80. What was the number of the patients suffering from river
blindness in Africa and Latin America?
► 16 Million
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► 17 Million
► 17.5 Million
► 18 Million
81. How many considerations are there when to determine what the
moral thing to do on any particular occasion?
►4
►2
►3
►5
82. The type with which one looks only at moral rules or actions of
a particular type is known as?
► Rule Utilitarianism
► Utilitarianism
► BOTH
► NONE
83. Which market approximates the model of the perfectly
competitive free market?
► Agriculture Market
► Commodity Market
► Securities Market
► None
84. Which one of the following is not considered as part of
the three stages of moral development proposed by Carol
Gilligan?
► Social Contract Orientation
► Principled Molarity
► Conventional Molarity
► Progressing from Selfish
85. What is the number of characteristics that differentiate between
moral and non-moral standards?
►5
►4
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►3
►2
86. First principle of John Rawls theory is
called:
► Difference principle
► Principle of equal liberty
► Principle of fair
► Equality of Opportunity
► Original Position
87. In a command economy, all decisions are taken by the:
► Government
► Voters
► Workers
► People
88. Which of the following does NOT
describe “virtue”?
► The traits that everyone needs for a
good life
► An Excellence that is admired in a
person
► A disposition to act in
Multidimensional way
► A specific State of character
89. Which one of the following is not
considered as category of issues
involving justice?
► Compulsory Justice
90. Which one is the justice concern of
blaming or punishing persons for doing
wrong?
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► Retributive Justice
► Compulsory Justice
91. Moral standards are absorbed from?
► Family and Friends
► Experience
► Intellectual Capital
► All are given
92. Which one of the following is a component of free market
systems?
► Private property
► System Involuntary
► Exchange System
► Command System Not Confirm
93. Which philosopher of utilitarianism presents the cost-
benefit analysis?
► Aristotle
► Mill
► Kant
► Bentham
94. Which principle of John Rawls assumes that a productive society
will incorporate inequalities?
► Principle-1
► Principle-2
► Part A of Principle-2
► Part B of principle-2
95. Right action comes to be defined in terms of moral principles
chosen because of their logical comprehensiveness, universality, and
consistency is known as?
► Interpersonal Concordance Orientation
► Universal Ethical Principles Orientation
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► Law and Order Orientation
96. Kohlberg's research indicates that pre-conventional
reasoning is dominant in:
► Elementary School
► Adulthood
► Adolescence Not Confirm but According to me Correct
► Old age
97. In how many ways efficiency comes about in perfectly
competitive free markets?
► Two ways
► Three ways
► Four ways
► None
98. Which of the following is NOT a feature of free market?
► Free Choice
► Free Enterprise
► Price Fixing
► Price Flexibility
99. Individual actions are directed through.
► Culture
► Associations
► Both
► None
100. In which Year Township and village enterprises (TVEs)
legalized?
► 1974
► 1984
► 1994
► 2004
101. Which of the following deals with the distribution of benefits and
burdens, mostly in the evaluation of social, political, and economic
institutions?
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► Ethical Justice
102. Which statement reflects the "punishment and obedience
orientation" stage (stage one) of moral development?
► I don't steal because my friends don't steal
► I don't steal because I don't want to be spanked
► I don't steal because it would harm society as a whole
► I don't steal because it wouldn't be fair to everyone else if I did
103. A principle that describes that it would be acceptable to a group
of rational, self-interested persons who know they will live under it
themselves is known as?
► Moral
► Basic
► Immoral
► None
104. Which one of the following is not the basis of an important
critical method in ethics?
► Adam Smith
► Friedrich A.
► Hike Murray
► Roth Bard Eric Mack
105. Which one of the following ethic sees concrete communities and
communal relationships as having a fundamental value?
► The care of Ethic
► Demands of Caring
► Communitarian Ethics
► Socialism Ethic
106. Study of ethics lies under_________?
► Case Study
► Normative Study
► Descriptive Study
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► Philosophical Study
107. Which of the following economic principle is first posted by
Adam Smith to describe that the greatest benefit to a society is brought
about by individuals in the pursuit of their own self-interest?
► Free trade
► Economic freedom
► Positive sum game
► Invisible hand
108. Who argued in response to the free market and utility by Adam
Smith that government should intervene because there is a mismatch
between the aggregate supply and demand?
► John Hicks
► Maynard Keynes
► Herbert Spencer
► Charles Darwin
109. How many sources of income Capitalist systems offers?
►4
►3
► 2 income-Owning and Labor Workers
►5
110. Which of the following is TRUE regarding moral reasoning and
its evaluation?
► Moral reasoning does not involve factual or descriptive judgments
► Ordinary logical standards of validity do not apply to moral reasoning
► Special logical standards of validity do not apply to moral reasoning
► Moral reasoning involves normative or value judgments
111. The Theory of Absolute Advantage was proposed by Adam
Smith in?
► 1976
► 1776
► 1876
► None
112. Modern corporations consist of?
► Stockholders
► Directors and employees
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► Government agencies
► Both a & b
113. John Locke proposed which concept?
► Restricted market and justice
► Free market and justice
► Restricted market and rights
► Free market and rights
114. Which one of the following factors may become a reason of
revising the moral standard at maturity?
► Experience
► Learning
► Intellectual development
► All of the above
115. An acquired disposition that is a valuable part of a morally good
person, exhibited in the person's habitual behavior is known as?
► Moral ethics
► Moral virtue
► None of the above
► Moral responsibility
116. When does the ignorance not excuse the wrongful injury?
► Ignorance of fact
► If a person is ignorant
► The person did not act knowingly
► One deliberately keeps oneself ignorant
117. Principles of reversibility and Universalizability proposed by?
► John Rawls
► Kantian
► Carl Max
118. Studies indicate that which economic system has more
advantages among all the systems?
► Open Economy
► Closed Economy
► Mixed Economy
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119. Right action comes to be defined in terms of moral principles
chosen because of their logical comprehensiveness, universality, and
consistency is known as?
► Interpersonal Concordance Orientation
► Universal Ethical Principles Orientation
► Law and Order Orientation
120. Which of the following regulates production and exchange in a
free market, according to Adam Smith?
► Supply and demand
► Supply and command
► Demand only
► Supply only
121. Who proposed the concept of free market and utility?
► John Locke
► Alasdair MacIntyre
► John Rawls
► Adam Smith
122. The aim of the moral life is to develop the dispositions that we
call virtues, and to exercise them as well is referred to as?
► Ethics theory
► Relationship theory
► Virtue theory
morality. What are the number of problems identified in this method?
►5
►4
►3
►2
124. Who proposed the concept of free market and utility?
► John Locke
► Alasdair MacIntyre
► John Rawls
► Adam Smith
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125. Which one of the following is not the basis of an important
critical method in ethics?
► Counter examples
► Hypothetical examples
► Literature examples
► Both a & b
126. Study which does not try to reach any conclusions is
called_________.
► Pilot Study
► Case Study
► Normative Study
► Descriptive Study
127. Arthur Andersen was associated with?
► Enron
► General Motors
► Dell Computers
► Wal-Mart
128. Which philosopher of utilitarianism presents the cost-benefit
analysis?
► Aristotle
► Mill
► Kant
► Bentham
129. Corporate actions do depend on?
► Gilligan
► Kohlberg
► Henry Fayol
130. According to Aristotle’s view, how do we learn virtue?
► By habit
► By dialectical argument
► By rational instruction
► By learning from our mistakes
131. How many assumptions Ricardo proposed?
►2
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►3
►4 Not Confirm but According to me correct
► None
132. Survival of the best is school of thought known as?
► Social equity
► Social Darwinism
► Social Justice
133. John Maynard Keynes arguments were the most influential in
economics, when they become less convincing?
► 1970
► 1980
► 1990
► 1960
134. Which one of the following is not considered as category of
issues involving justice?
► Distributive justice
► Retributive justice
► Compulsory justice
► Compensatory justice
135. Which of the following deals with the distribution of benefits and
burdens, mostly in the evaluation of social, political, and economic
institutions?
► Retributive justice
► Compensatory justice
► Distributive justice
► Ethical justice
136. Which one of the following is not included as a part of moral
standard?
► Values
► Social Class
► Beliefs
► Norms
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137. Which of the following refers to the ability of a person or a
country to produce a particular good at a lower opportunity cost than
another country?
► Absolute advantage
► Resource efficiency
► Natural advantage
138. In which year Justice Department charged the accounting firm of
Arthur Anderson for obstruction of justice?
► 2000
► 2001
► 2002
► 2003
139. To which of the following we cannot assign monetary value?
► Friendship
► Love
► Peace
140. A medicine for the patients of river blindness was developed by
which one of the country?
► UK
► US
► German
► China
141. Which of the following is false of Nozick’s theory of justice?
► Theory is historical
► Theory is no patterned
► Theory is redistributive
142. Socialist view on distribution is best described as:
► From each according to his ability, to each according to his needs
► The benefits a person receives should be proportional to his
contribution
► From each they choose, to each as they are chosen
► Always treat humanity as an end in itself rather than as a means
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143. Who considers it wrong to tax someone to provide benefits to
someone else?
► Libertarian
► Socialist
► Capitalist
► None
144. Which one of the following generally refers to matters that are
more serious than fairness?
► Justice
► Right
► Duty
► None
145. Which one of these is a graphic demonstration that rational
individual choices do not necessarily result in rational collective
choices?
► Game theory
► Prisoner’s dilemma
► Moral Reasoning
146. Weighing Social Costs and Benefits is a technique used in?
► Justice concept
► Right concept
► Caring concept
► Utilitarianism concept
morality. What are the number of problems identified in this method?
►5
►4
►3
►2
148. Which of the following is TRUE in free market economy?
► Prices are controlled by law
► There will be no advertising
► There will be no monopolies
► The government allocates resources
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149. Which of the following is/are characteristics of Economic
freedom?
► Absence of government coercion
► Constraint on the production distribution
► Maintain liberty itself
► All of the given
150. Which of the following use a command system?
► Communitarian system
► Free market system
► Pure free market system
► None
151. Which of the following is/are classification of countries with
respect to economy?
► Free
► Mostly free
► Mostly unfree
► All of the given options
152. Which of the following is a degree of competition?
► Perfect competition
► Monopoly
► Oligopoly
153. The kind of care that is owed to those with whom we have
special concrete relationships is known as?
► Utilitarian standards
► Standards of justice
► Standards of caring
► None
154. According to Aristotle, which of the following enable humans to
act in accordance with their specific purpose?
► Moral Virtues
► Moral standards
► None
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155. How many considerations be kept in mind when to determine
that what are the moral things to do on any particular occasion?
►2
►4
►3
► None
156. Every person should be given equal shares of a society’s or a
group’s benefits and burdens referred as?
► Utilitarianism
► Egalitarianism
► Socialism
► None
157. What is the number of characteristics that differentiate between
moral and non-moral standards?
►5
►4
►2
►1
158. Which of the following laws have no concern with morality?
► Parking laws
► Dress codes law
► Both a & b
► None
159. Which of the following purpose that nations should not
artificially limit imports nor artificially promote exports?
► Economic freedom
► Free trade
► Economic freedom index
► Invisible hand
160. Which one of the following is not a feature of moral standard?
► Prohibit
► Value
► Condemn
► All of the given
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161. Carol Gilligan three stages of moral development include all
except?
► Progressing from selfish
► Conventional morality
► Principled morality
► Development psychology
162. Who has used the theory of natural right by Locke to argue for
free market?
► Adam smith
► John Locke
► Friedrich A. Hayek
► Alasdair Macintyre
163. Idea of a precise quantitative method for decision making for
decision making is most fully realized in
► Bentham
► James Rachel’s
► Carol Gilligan
► Henry Fayol
164. Literally the word ethics means:
► Understanding human nature
► Study of morality
► Study of properties of chemical substances
► None
165. In which year Adam Smith asserted that the wealth of a nation
consisted of the goods and services available to its citizens?
► 1676
► 1776
► 1876
► 1976
166. Kant’s moral philosophy is based on which of the following?
► Consequences of action
► Consequences of reasons
► False pretenses
► Human reason
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167. ___ is defined as Tendency to make ethical choices only on the
basis of what looks right or reasonable according to one’s own belief or
value system
► Ethical Relativism
► Cultural Relativism
► Descriptive Relativism
► Epistemological Relativism
168. The categorical imperative incorporates two criteria for
determining moral right and wrong. Which of the following is one of
the criteria?
► Relativism
► Consistency
► Inconsistency
► Reversibility
169. Which one of the following is not considered as a moral
standard?
► Maximize social utility
► Respect moral rights
► Exercise caring
► Undistributed benefits and burdens
170. Which of the following is considered as the basis of cost-benefit
analysis?
► Ethical relativism
► Utilitarianism
► Behaviorism
► Rationalism
178. Which one of the following is a source of absorbing moral standards?
► Family
► Friends
► School
179. Which of the following is Not the feature of perfect competition?
► There are numerous buyers and sellers, none of whom has a
substantial share of the market
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► All buyers and sellers cannot freely and immediately enter or leave
the market
► All buyers and sellers can freely and immediately enter or leave the
market
► All buyers and sellers are utility maximizers
180. Utilitarianism lies under which of the following ethical theories?
► Virtue
► Intuitionism
► Deontological
► Teleological
181. Which one of the following is a component of free market systems?
► Private property system
► Involuntary exchange system
► Command system
► None
182. Every person has a right to freedom from coercion that takes priority
over all other rights and values is known as?
► Karl’s principle
► Nozick’s principle
► Blanc’s principle
► None
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