Question

1. Using ethics as a major guide for making and evaluating business decisions is only popular in the United States.

a. true

b. false

2. Ethical economics involves:
A. Transparency of underlying assumptions and the values embedded within any economic theory and policy prescriptions.  
B. Disclosure of any/all conflicts of interests or personal benefit of economic practitioners.  
C. Evaluating economic harm profiles to minimize the levels and types of harm done to the least amount of people.  
D. Limiting economic models to known facts, available resources, and reasonable value judgments when solving real-life problems.

3. Feminist economics:
A. Primarily considers gender inequality in terms of market inefficiencies, thereby an important policy goal is to improve market efficiency.  
B. Focuses not only on paid labor markets but also unpaid labor that takes place outside or hidden within market dynamics.  
C. Focuses on the natural differences between men and women and how economies can—and should—be structured to accommodate these natural differences.  
D. Combines a wide range of approaches such as human capabilities, environmental ecology, microfinance practices, and provisioning activities.

Answer 1

1. Using ethics as a major guide for making and evaluating business decisions is only popular in the United States. False

Using ethics as a major guide for making and evaluating business decisions is not only popular in the United States and United Kingdom, but also in many other countries of the world. People follow ethics such as, expectation of society, fair competition, advertising, social responsibilities, and consumer autonomy while doing business with other people.

2. Ethical economics involves:

A. Transparency of underlying assumptions and the values embedded within any economic theory and policy prescriptions.

Ethical economics involves transparency in all aspects of economic activities. It considers both values and virtues. It involves values that are enclosed within any economic theory. Economists do cost-benefit analysis on the basis of ethical values.

3. Feminist economics:

C. Focuses on the natural differences between men and women and how economies can—and should—be structured to accommodate these natural differences.

Feminist economics focuses on gender-inequality impacts of economic systems and equity as a measure of progress. Feminist economics focuses on what is required to produce a gender equal society. It considers gender relations as a structural feature of any economy because changes to the economy impacts gender relations and vice-versa, and therefore, gender needs to be taken into account while studying the economy of the country.