CMU PHL 318 Exam 1 Coleman/Noggle Questions And Correct Verified Answers Guaranteed Success.

What is business ethics? - correct answer consists of the application of ethical values and standards to business activities What is a "generally accepted ethical standard"? - correct answer Ethical standards that are generally accepted by experts in business experts and most in the business community. Often at least partly codified in business law. Why should business professionals be concerned about ethics? - correct answer Unethical business activities harm the social and legal climate in which business operates. Unethical business practices violate either the letter or the spirit of the law Unethical business activities can pose unnecessary risks to the profitability of the company. Unethical business activities compromise one's integrity because they violate the ethical values that most business people hold. What does it mean to say that unethical business activities harm the social climate in which business operates? - correct answer Unethical business practices—especially when they are widespread and well-known—can severely tarnish the reputation of all business professionals, giving business itself a bad name. What does it mean to say that unethical business activities harm the legal climate in which business operates? - correct answer In the wake of major business scandals, or when there is a public perception that a business or industry is operating in a way that is unfair or detrimental to society, government often creates new laws, new regulations, new regulatory agencies, new bureaucracies, new forms to fill out, new requirements, new . . . . Additional business regulation increases the cost and complexity of doing business. What is the relationship between business ethics and business law? - correct answer They do not always match up perfectly However, the law often "follows" ethics Law is one way that society expresses strong ethical standards The "spirit of the law" is often an ethical principle/idea Much unethical behavior is actionable in civil court even if it is not criminal. What are some of the main costs of unethical business practices? - correct answer -legal costs: prison and fines, judgments in lawsuits, attorney's fees -reputation costs: customer/brand loyalty, recruitment, public goodwill (PR costs) -investor confidence -employee morale: turnover, labor unrest, productivity/pilferage/poor attention to quality **notice that many of these are long term costs and costs of damage to intangible assets. in contrast, the benefits of unethical actions are typically short-term and tangible When you figure in all of the potential costs and benefits of unethical practices, there is reason for cautious optimism about the claim that ethics is good for the bottom line. Why? - correct answer When you figure in all the long-term and intangible costs of unethical action, this conclusion seems reasonable: Doing the right thing is usually better from a cost-benefit perspective than it first appears. If there ever is any overall financial advantage to an unethical course of action, it is probably smaller than it first appears. In what way might it be appropriate to see business ethics as a form of risk management? - correct answer Even if unethical practices do not always backfire, they DO carry serious risks. Protecting from such risks is worthwhile, even if it costs such protection costs more than not having it. A policy of ethical business can be compared to an insurance policy—it protects the business from serious risks posed by unethical practices While you MIGHT get away with unethical business practices, the insurance is still worth it (just like it's worth having car insurance even if you never need it). In the context of this course, what does "integrity" mean? - correct answer Living in a way that is faithful to ALL of one's values—economic as well as ethical. Basically, living in a way that recognizes that while we value economic goods, we also have other values as well. When you inquire about the values that people hold (either directly or through exercises like the "What do you value" exercise), what important fact emerges? - correct answer Although we may disagree about specific moral issues (like abortion), by and large, almost everyone holds the same basic set of moral values. What are some of the most widely shared ethical and personal values? - correct answer Almost everyone in our society (and most others) holds the following ethical values: Compassion Respect Honesty Fairness Loyalty Keeping one's word Taking care of family and other loved ones Most people also value such things as Strong communities The natural environment A healthy society What is the relationship between business ethics and integrity? - correct answer Both are attempts to achieve a balance among all of one's values; that is, to keep one's financial and economic values in harmony with one's moral, ethical, and personal values. Business ethics helps us to keep our pursuit of the value material prosperity from crowding out our other important values. If you have a strong set of ethical values, does that mean that you'll always do the right thing? - correct answer Unfortunately, no. Many very bad things have been done by—or with the cooperation of—good people with strong values. What is a psychological phenomenon that helps explain why Bowen McCoy violated his own moral values by failing to ensure the safety of the Sadhu? - correct answer His intense focus on a single goal gave him a kind of tunnel vision, which crowded out everything else, so that he didn't even notice that he was facing a moral dilemma between his personal goal of climbing over the pass and the greater moral value of saving a human life. What is a "compartmentalization"? - correct answer As the word is being used in this course, it occurs when a person adopts tunnel vision focused on just one goal or one value in one context (typically work), while continuing to hold and pursue other values and goals in other contexts What do compartmentalization and tunnel vision have to do with integrity? - correct answer Because both of these phenomena involve a failure to live in harmony with all of one's values, they are both threats to integrity. Both are psychological traps in which a person with strong values can end up ignoring most of them in order to pursue just one of them (usually the one being pursued is financial). Solomon discusses "abstract greed". What does it mean? - correct answer When the profit motive crowds out all of the other values and goals, an endless desire for wrath for no other purpose than to just have it. What is Solomon's attitude toward profit and profit-seeking? - correct answer He cautions us against letting the desires of profits crown out our other values, he is not against ps so long as it is kept in balance with our other values. What is Solomon's "Better Way to Think About Business"? - correct answer It sees profits as an important means to vital goods but not as the only important value worth pursuing. Sees business as an enterprise that should benefit all participants. Favors fair competition as a means to encourage efficiently and excellence among all participants. Solomon discusses the effects of certain metaphors, such as "business as a jungle" and "business as war." What point does he make about these metaphors? - correct answer Although they may seem harmless, he argues that metaphors can distort our thinking in ways that are bad for business and the people who practice it and who are affected by it. What about the metaphor that business is a game? - correct answer argues that this metaphor—though not as bad as the others—trivializes the effects of business decisions on real people. What is a character? - correct answer can be defined as a set of behavioral dispositions or tendencies to act in certain ways. Virtues - correct answer a character trait that a person has when she or he has internalized a moral value enough that it tends to guide her or his actions. are virtues - correct answer tendencies to act in good ways are vices - correct answer tendencies to