Quiz on Moral and Social Values in Economic Behavior

According to the document, what is the core focus of the study?. Economic theories. Moral and social values in economic behavior. Market analysis. Financial modeling.

What is the key takeaway from the discussion about 'homo economicus'?. Homo economicus accurately models human behavior in all economic situations. Real people are not like the idealized 'homo economicus' of economic models. Economics textbooks have a complete understanding of real-world human behavior. Homo economicus is a useful concept for understanding all human behavior.

What does the document suggest is a key factor individuals consider in economic decision-making?. Maximizing individual utility. Social values or ethical aspects. Following economic laws. Ignoring external factors.

What is the primary motivation behind pro-social activities, according to economists (as stated in the document)?. Altruism. Desire to multiply benefits (profits). Benevolence. Following rules.

What is a main concept of Altruism?. The desire to help others even at your own expense. Expectations as to the possibility of improving one's happiness, prosperity, and future utility through altruistic action. People making relative judgments, comparing their own results with those of others. People not only pay attention to how others judge them, but also take into account how they judge themselves.

What is a main concept of Reciprocity norm?. The desire to help others even at your own expense. Expectations that helping others will increase the probability of getting help from them in the future. People making relative judgments, comparing their own results with those of others. People not only pay attention to how others judge them, but also take into account how they judge themselves.

What is a main concept of Aversion to inequality?. The desire to help others even at your own expense. Expectations that helping others will increase the probability of getting help from them in the future. People making relative judgments, comparing their own results with those of others. People not only pay attention to how others judge them, but also take into account how they judge themselves.

What is a main concept of Assessing their own identity?. The desire to help others even at your own expense. Expectations that helping others will increase the probability of getting help from them in the future. People making relative judgments, comparing their own results with those of others. People not only pay attention to how others judge them, but also take into account how they judge themselves.

The document mentions that individual actions can be assessed in what two ways?. Compliant and dishonest. Dishonest and unfair. Compliant with economic laws and negatively, as dishonest, violating social and moral principles. Fair and unfair.

Which method of distributing football tickets is considered the most honest (fair), according to the document?. Auction. Lottery. Queue. None of the above.

Which method of distributing football tickets is considered the least honest (fair), according to the document?. Auction. Lottery. Queue. None of the above.

In the experiment about the copy shop employee, what is considered unfair?. Lowering the salary of an employee to match lower market rates. The current employee quits and the copy shop hires a new employee for $ 7 an hour. Both scenarios are considered unfair. Both scenarios are considered fair.

In the experiment about the car dealer, is raising the price by $200 considered fair?. Yes. No. Sometimes. It depends on the customer.

What is the key takeaway regarding the fairness of the dealer selling the car at list price in the second example?. It is considered unfair. It is considered fair. It depends on the customer. It is not mentioned in the document.

In the example of the small company producing tables, what does the document suggest about the company lowering the price?. It is considered unfair. It is considered fair. It doesn't matter. It increases costs.

In which scenario does the company's action appear more unfair, according to the document?. The company lowers the price. The company keeps the price the same. It makes no difference. The example doesn't apply to the company.

In what economic situation, according to the document, is raising the price of goods often viewed as unfair?. During a period of decreasing demand. When the company experiences increasing costs. When market conditions are changing. When the company's competitors lower their prices.

What are the two decisions the owner of the company can make regarding the employee?. Fire the employee or lower all wages. Fire the employee or hire more employees. Lower wages, or keep wages the same. Lower wages without reducing employment, fire the employee leaving wages unchanged.

In the apple example, why might the store's action of selling the apples for 25% more be considered unfair?. Because it violates the law of supply and demand. Because the store has a monopoly. Because the store is taking advantage of a scarcity. All of the above.

The document states that in certain economic situations, a person is faced with a choice between: Money and goods. Short-term and long-term gain. Material values and intangible values. Profit and loss.

What is the main concern in the experiment regarding the factory owner?. Whether to increase the prices. Whether to postpone changes to the plant or not. Whether to fire workers. Whether to invest in new equipment.

What are the two main consequences of the factory owner's decision-making?. Financial and moral. Short-term and long-term. Profit and loss. Safety and efficiency.

What is the problem, according to Classical decision theory?. finding a common measure for different kinds of decision consequences and the incorporation of moral or social values. The analysis of the financial/economic nature of decisions. Ignoring the financial effects. Following only the analysis of consequences.

Which of these concepts is the most discussed throughout the document?. Economic laws. Market analysis. Morality and fairness. Utility.