NR 607 Exam verified Questions with Answers(100% Accurate) Score an A Latest version.

NR 607 Exam verified Questions with Answers(100% Accurate) Score an A Latest version. Tudor observes that there is a huge gap in income equality, what 3 things have been used to close the gap historically? Revolution, high taxes, and wars Describe Tudor's proposal to close the gap in income equality? How is this approach a capital market approach to resolving the challenge of income inequality? Corporations give back to the community and make eco friendly moves What is the role of a CPA in the economy? Produce reliable financial information that outsides can use to make investing decisions In terms of serving the client versus the public, why is accounting different from other professions? Most professions work for their client while CPAs work for the society and serves the public Why is ethics important in accounting? Add credibility to the statements Sandel discusses price gouging after or during a disaster. Present his main arguments for or against letting the market set prices from libertarian, and utilitarian points of view. Libs: price gouging is okay, supple and demand dictates market price Utilitarian: greedy, price gouging is bad and it hurts people who are already hurting Summarize his discussion on what wounds or injuries deserve a purple heart from an Aristotelian/virtue ethics point of view. we can't decide who deserves a medal without questioning what virtues are worthy of reward; give people what they deserve based on what virtues reflect the most desirable way of life Sandel's objective is to try to give moral clarity to three approaches to a just society: welfare, freedom and virtue. Briefly summarize each approach and how it is distinguished from the other approaches. 1. maximize welfare; greatest happiness for greatest number, prosperity makes us better off than we otherwise would be 2. freedom; respect for individual rights, respect voluntary choices 3. virtue; virtue theories are bound up with cultural conservatives and religious rights Does a just society seek to promote the virtue of its citizens? Or should law be neutral toward competing conceptions of virtue, so citizens can be free to choose for themselves the best way to live? Present the following points of view on this question: social conservatives, liberals, utilitarians, libertarians, and Aristotle conservatives: yes virtues should be promoted liberals: no virtues should not be promoted and people should be free to choose what's virtuous utilitarians: libertarians: Aristotle: law cannot be neutral on questions of the good life What are the basics of ethical decision making based on overall welfare, that is, utilitarianism? Make decisions based on the greatest happiness for the most people What are the objections to utilitarianism based on (1) individual rights, and (2) the challenges of translating all moral goods into a single currency of value without losing something in the translation? 1- caring only about the sum does not take individual rights into account 2- everyone's opinion counts equally to calculate happiness but some opinions should have heavier weight than others Discuss utilitarian issues around lower and higher forms of pleasure (Shakespeare versus Simpsons). some pleasures are higher than other pleasures based on intensity, quality, and duration Present the utilitarian argument for redistributing wealth? What is a utilitarian argument against redistributing wealth? What is the libertarian argument against redistributing wealth? utilitarian: high taxes reduces incentive to work and decreases productivity Libertarian: violates human right of deciding what to do with hard earned money What are libertarian views on: markets, government regulation and the role of the state, liberty, paternalism, morals, and redistribution of income or wealth? -they oppose gov regulation in markets in the name of human freedoms -role of state is to protect personal property and keep the peace -laws should not be made to protect people from themselves - paternalism - , people should have the right to choose -laws should not be made based on morals - people should have the freedom to choose to be prostitutes or homosexual -no redistribution; people should have the right to choose what to do with their hard earned money How do libertarians map into the political spectrum? Consider conservatives, liberals, and Milton Friedman. conservatives: free economics but regulated morals libertarians: freedom in economy and morals friedman: some regulations like social security, mandatory retirement programs, minimum wage laws: pose infringements on individual rights Under libertarianism, what are the requirements for distributive justice? If I own myself I own my labor and am entitled to the fruits of my labor. Taxation is forced labor and therefore slavery Understand Sandel's 5 objections to libertarianism and his responses. 1- taxation is not as bad as forced labor, you can work less and pay less taxes 2- the poor need the money more 3- MJ does not pay alone and owes a debt to others who contribute to his success 4- as a citizen of democracy you have voice in making tax laws that you are subject to 5- some people are lucky and blessed with talents that society praises What is the moral crux of the libertarian claim? What does Sandel say through examples about the full implication of these beliefs? I won myself, I own my labor, and am entitled to the fruits of my labor. Whatever portion is paid to the state is considered slavery. I should be able to do whatever I want as long as I don't harm others. This includes selling kidney, consensual cannibalism, and assisted suicide. Are libertarians against the idea of the wealthy giving money to the poor? Taking from the rich and giving to the poor is stealing even if the poor need the money more than the rich do What are the libertarian and utilitarian cases supporting free markets? Lib: people engage in voluntary exchanges and free markets respect their freedoms Utilit: free markets promote general welfare since people will only make a deal if both sides benefit Explain the two skepticisms (fairness and freedom and civic virtue and common good) that Sandel expresses about applying the libertarian views or free market to a volunteer army (as opposed to conscription) and to surrogate pregnancy? certain goods are corrupted or degraded if bought and sold for money; hiring people for an army leads to believe that what they are paid is what their life is worth and choice to enlist may reflect lack or alternatives, The labor market could be used to provide the legal system with jurors and the military with soldiers. Present the objection to this solution from a common good and civic virtue point of view. they are not typical jobs, they are civic virtues; it is wrong to put civic duties up for sale Explain the two objections that Sandel raised to surrogacy contracts (tainted consent and degradation and higher goods). tainted consent: mother doesn't know how she will feel once the baby is born, higher goods: turns babies into a commodity and exploits mothers, there are some things that money cannot buy What are the challenges to utilitarianism related to weighing and valuing all goods and modes of valuation appropriate to goods and social practices? -humans need to be treated with dignity and respect -right way to value goods and services depends on the purpose and ends What is the moral basis for human rights according to libertarians? According to Kant? Kant: humans are worthy of dignity and respect and advocates a very strong idea of freedom Describe the 3 approaches to human rights: connecting justice to welfare (utilitarian), connecting justice to freedom (libertarian, Kant) and connecting justice to the good life (Aristotle, virtue ethics). 1- justice should be based on the greatest happiness for the greatest number of people 2- justice should be based on individual freedoms 3- justice should be based on individual's virtues and which ones are worthy of rewards What problem does Kant have with utilitarianism? rights are left vulnerable, just because something gives people pleasure does not mean it is right Describe Kant's 4 contrasts which describe the supreme principal of morality: (1) MORALITY: Motives: Duty vs. inclination, (2) FREEDOM: Determination of will: Autonomous vs. heteronomous, (3) REASON: Imperatives: Categorical vs. hypothetical and (4) STANDPOINTS: Intelligible vs. sensible realms. How do these 4 dualisms link together? 1- we can't control consequences but we can control intent, motives of inclination don't have moral worth but motives of duty do 2- autonomous acts are freedoms, behaviors due to biology or are socially conditioned are not truly free 3- hypothetical uses instrumental reasoning of if you want x you need to do y; categorical is if the action itself is a good it will be done regardless of circumstance 4- sensible is the natural world; intelligible world is where rationale beings and freedoms are; being human you are in the natural and the intelligible worlds. There is always a gap between what we ought to do and what we actually do Describe the two formulations of the categorical imperative: universalize your maxim, and treat humanity as an end. act only on principles - maxims- you can universalize without contradiction How does the categorical imperative differ from the golden rule? (Sandel's example is the frail mother and the dying son.) Treat humanity as a means and an end Acting according to duty means having to obey a law. How can subservience to a law be compatible with freedom according to Kant? willingness to obey laws unquestionably is compatible with freedom because you create the laws you want to live by and govern your life through those laws 2 related questions: What is Rawls' reasoning to a social contract? What is a veil of ignorance? Why would not choose utilitarianism or libertarianism? social contract: we should choose the principles to govern our life with a veil of ignorance, meaning you decide without knowing where you will be placed in society. In libertarianism you might turn out to be a homeless person. In utilitarianism you may end up a part of the oppressed minority What are the 2 principles of justice would emerge from Rawls' social (hypothetical) contract? 1- equal basic liberties for all citizens 2- social and economic equality; inequalities are good when then work for the advantage of the least well off members of society What does it mean contracts carry moral weight insofar as they realize the ideals of autonomy and reciprocity? What are moral limits of consent with regard to a voluntary contract and with regard to reciprocity in absence of a contract? autonomy - voluntary acts that are taken freely upon ourselves reciprocity - instruments of mutual benefit -these are imperfectly realized in practice -an agreement does mean it is a fair deal What is Rawls' "difference principle"? only inequalities are permitted that work to benefit the least advantaged member of society Rawls' believes that underlying the VOI is a moral argument that the distribution of income and opportunity should not be based on factors that are arbitrary from a moral point of view. Why is the distribution of income and opportunity morally arbitrary under a feudal or caste system, libertarian or free market system, meritocratic (free market with fair equality of opportunity) system? caste system: distributes income, wealth, and opportunities by accident of birth libertarian/free market: different starting points based on family's wealth presents unequal opportunities meritocratic: only just if everyone has the same starting point How does Rawls' Egalitarian (based on Rawls' difference principle) avoid basing distribution of income and wealth on contingencies? That is, how does it correct for unequal distribution of talents and endowments without handicapping the talented? How does it deal with incentives for the talented? encouraging the gifted to develop their talents with the understanding that the rewards belong to the community as a whole Is distributive justice a matter of rewarding moral desert? How does Rawls contrast moral desert versus. "entitlements to legitimate expectations? No, an entitlement can only arise once certain rules of the game are in place What is affirmative action? Explain the 3 arguments offered by proponents of affirmative action: (1.) correcting for bias in standardized tests, (2.) compensating for past wrongs, (3.) promoting diversity. What are counter arguments? affirmative action is giving preference to minorities; it's used to correct possible bias in standardized tests since blacks and hispanics score lower than whites, it's used to remedy past discrimination, it's used to promote diversity so students can hear different perspectives on life What is the principled distinction between the use of race to exclude people in the segregationist South and the use of race to include people in present-day affirmative action? the difference is how the south used race as a badge of inferiority while the AA today is used to promote diversity and advance the mission What was the Supreme Court ruling in the UT Law School Case? On what basis? Do Racial Preferences Violate Rights? If so, what rights? There is no right to be judged solely based on academics. A university has the right to set its mission and make decisions based on fulfilling the mission According to Rawls can Justice Be Detached from Moral Desert? no one deserves anything greater than his natural capacity or a more favorable starting point in society. Why does Sandel believe it is difficult, politically and philosophically, to detach arguments about justice from debates about moral desert? (hint: honorific aspect of justice) -justice is about what qualities are worthy of honor and reward Why Not Auction College Admission? (Related question: should colleges and universities define their mission however they please?) it seems unfair for wealthy parents to buy admission into ivy league schools; schools need to think about their legacy and alumni before defining or changing their mission; selling education as a consumer good is a kind of corruption What competing notions of what colleges are for does the affirmative action debate reflect? (Hint: Pursuit of scholarly excellence vs. civic goods, and how should these purposes be balanced.) colleges are for serving the common good through teaching and research, it is not about maximizing profits Using the example of the cheerleader, what is the connection between (1) fairness and (2) honor and resentment? What is the core of Aristotle's theory of justice? (Expalin what it means for justice to be teleological and honorific.) you need to determine the telos (purpose) you need to determine what virtues should be honored and rewarded equals should be treated equally and unequals should be treated unequally What's the telos of a university and how does this fit into the affirmative action debate? the purpose of a university is to serve the common good which includes all races no matter their upbringing so AA should be allowed How do we become just? we become just by doing just acts must develop habits in youth According to Aristotle, the end and purpose of a polis (political community) is the good life, and the institutions of social life are means to that end. Business organizations are institutions of social life. What are the implications for (1) determining the values (i.e., expected virtues) of a company, (2) selecting leaders/executives of a company, and (3) making (ethical) business decisions? identify which virtues are expected, hire people based on those virtues, and make decisions based on what best reflects the virtues What are the justifications for nations to apologize (and pay restitution) for wrong doings? should apologize in honor of the memory of those who suffered, to recognize the persisting effects of injustice on victims, and to atone the wrongs committed What is the principled argument against apologizing for national wrong doings? (What is moral individualism?) we can't atone for the sins of our predecessors, you can't apologize for something you didn't do. moral individualism: to be free is to only be subject to obligations you voluntarily incur out of consent According to Aristotle, Kant and Rawls' (each separately), Should Government Be Morally Neutral? Can a theory of justice be morally neutral? Aristotle - no, they should cultivate good character and form good citizens Kant - if we are autonomous we must follow the moral law Rawls - liberties are insecure when founded on teleological principles What are claims of community? What is Alasdair MacIntyre's notion that we are all story telling beings? Consider the questions: What am I to do? Of what story or stories do I find myself a part? Which path will best make sense of my life as a whole? we tell our lives as a narrative that's an aspect of moral reflection and is bound up with membership and belonging Explain the 3 Categories of Moral Responsibility: Natural duties, voluntary, and obligations of solidarity. natural duties - universal and don't require consent voluntary - particular, require consent solidarity - particular, don't require consent Do we have obligations beyond consent (for examples, consider public apologies and reparations, collective responsibility for historic injustice, the special responsibilities of family members and of fellow citizens for one another, solidarity with comrades, allegiance to one's village, community or country, patriotism, pride and shame in one's nation or people, fraternal and filial loyalties)? there's generally no political obligations for citizens, but there are special responsibilities to some people like family members Is the right prior to the good (consider Kant, Rawls, and Aristotle, separately)? Sandel: we care bound by moral ties that we have not chosen Kant & Rawls - the right is prior to the good, duties and rights should be neutral with respect to competing conceptions of the good life Aristotle - we can't deliberate about justice without deliberating about the meaning of goods, the office, honors, rights and opportunities that societies allocate Can all of our duties & obligations be traced back to an act of will or choice? no, we are bound by moral ties that we have not chosen Why shouldn't we bring our moral and religious convictions to bear in public discourse about justice and rights? (Rawls and John F. Kennedy) gov should be neutral on moral and religious questions so that each citizen is free to choose his or her own conception of the good life Why does Sandel believe it is mistaken to attempt to detach arguments about justice and rights from arguments about the good life? It is not always possible to set aside morals when debating justice and even if you could the result may not be desirable Sandel considers 3 possible state policies on marriage: (1.) Recognize only marriages between a man and a woman. (2.) Recognize same sex and opposite sex marriages. (3.) Don't recognize marriage of any kind, but leave this role to private associations. Which of these is the ideal libertarian solution? Why? 3 - because it leaves complete autonomy and freedom of choice for who to marry What does Sandel believe is the real issue in the gay marriage debate? whether same-sex unions are worthy of honor and recognition and if they fulfill the purpose of marriage Sandel explores 3 approaches to justice: (1) Maximizing utility or welfare, the greatest happiness for the greatest number. (2) Respecting freedom of choice: (a) Actual choices people make in a free market (libertarian) or (b) Hypothetical choices people make people would make in an original position of equality (the liberal egalitarian view) and (3) Cultivating virtue and reason about the common good. Why does Sandel prefer the 3rd approach to justice (cultivating virtue and the common good) as opposed to the other (utilitarian, libertarian and Rawls) approaches? a just society cannot be achieved only by maximizing utility, we also need to determine the meaning of life and create a culture that is open to discussing unavoidable disagreements What does Sandel believe is the most important reason to be concerned about growing inequality? (Think: Inequality can be corrosive to civic virtue.) How does he believe it can be overcome? too big a gap undermines the solidarity that democratic citizenship requires as it deepens the separation between the rich and the poor What are Sandel's views on (1) the importance of civic education through public schools, military service, and a strong sense of community, (2) the moral limits of markets, (3) the growing gap between rich and poor and its impact on solidarity and civic virtue, and (4) a politics of moral engagement? 1- a strong sense of community means encouraging working towards the common good 2- marketizing social practices may corrupt or degrade the norm 3- the growing gap deepens the differences between the rich and the poor and harms the common good 4- a more robust public engagement with moral disagreements would strengthen the basis for mutual respect According to Friedman, what is the responsibility of a corporate executive in a free enterprise system? corporations are not people and therefore have no responsibilities What does it mean to say that the corporate executive has a "social responsibility" in his capacity as a businessman? he is to act in a way that is not in the interest of his employers, doing anything for the benefit of society is taking revenues away from the shareholders Should a business person make expenditures to reduce pollution beyond the amount that is in the best interests of the corporation or that is required by law in order to contribute to the social objective of improving the environment? Why does Friedman see the doctrine of social responsibility as socialism? when an executive spends on CSR he is taxing the shareholders since he is spending their earnings for social purposes Why does Hoogervoorst consider the response to climate change a market failure? products do not include the cost of damage to the environment in their sales price; negative externalities are ignored in pricing schemes Why would sustainability reporting not be required in Hoogervoorst's ideal world? negative externalities would be taxed so financial reporting and sustainability reporting would be the same What does he believe should be the IASB role for sustainability reporting? it does not have the expertise to set sustainability standards What is cultural relativism? What is ethical imperialism? cultural relativism - the idea that no culture's ethics are better than another's - when in Rome, do as the Romans do and act morally blind ethical imperialism - there is a single set of truths that calls for the same behavior worldwide What are Donaldson's guiding principles for multinationals experiencing a clash of cultures? Apply these guiding principles to the Case: Internet Activity of Chinese Citizens. respect human core values and respect local traditions; context matters when determining right and wrong How can an ethical corporate culture be instilled in an organization? (What are the major steps that we talked about a few times in class?) treat corporate values and formal standards of conduct as absolute, design and implement conditions of engagement, allow foreign business units to help formulate standards and interpret issues What are the characteristics of a dispersed ownership system? of a concentrated ownership system? dispersed: widely disseminated shares with no dominant shareholder, encourages earnings management concentrated: on shareholder has dominant control, more common in continental europe, encourages appropriation of private benefits of control What fraud is incentivized in a dispersed ownership system? Why? perps tend to be managers, rapid increase in overall executive compensation; asymmetric info possessed by managers encouraged manipulation to report earning growth What fraud is incentivized in a concentrated ownership system? Why? perps tend to be controlling owners, less regulatory oversight, rely on control and command to directly monitor and replace management What is a minority controlling shareholder? has opportunity to act opportunistically and extract private benefits from the firm at the expense of other shareholders What is the libertarian view and recommendations from OECD/other corporate governance codes on dual-class voting shares? they like dual class voting since it give the stockholders the option of choices