c. a mean. With their triumph came an almost sacramental faith in the value of “efficiency” Not only was efficiency seen to be good in the practical sense (more tons of pig-iron loaded per day) but it was also elevated to the status of a moral virtue. Which of the following best describe the virtue of efficiency? 43. Which of the following refers to the extensive use and rapid development of capital goods in a market system? Specialization saves time; specialization makes use of differences in ability; specialization fosters learning by doing, The ____ system requires coincidence of wants between the buyer and the seller, In a market system, consumers exercise consumer ____, which is crucial in determining the types and quantities of goods purchased. One of the most difficult things, for me, about living in the UK was (what I perceived to be) their attitude toward work and efficiency. Virtue ethics is a philosophy developed by Aristotle and other ancient Greeks. Which of the following is characterized by the private ownership of resources and the use of markets to coordinate and direct economic activity, (T/F)Specialization means using available resources to produce a variety of goods and services, the most direct methods of producing a good or services are often the least efficient; the new technology can enhance the productivity of workers, The operation of ____ creates a curious unity between private interests and social interests. Sometimes, the quest for efficiency is a red herring. Virtue ethics, Approach to ethics that takes the notion of virtue (often conceived as excellence) as fundamental. geographic Division of labor that works on a regional or international basis is known as ___ specialization. By location production facilities optimally to hold down production and ____ expenses. Points C and D are Pareto efficient because there is no Pareto improvement possible. March 10, 2018 by Chuck Chapman 3 Comments. The optimal solution for a particular workload varies, and solutions often combine multiple approaches. Communicate. The key components of the market system are capital, ____, and markets. Freedom of ____ enables owners to employ or dispose of their property and money as they see fit. Under the market system, ____ and ____ coordinate and direct economic activity. What are some of the best qualities we find in men? d. human virtues and divine virtues. Virtual Machines Explained A virtual computer system is known as a “virtual machine” (VM): a tightly isolated software container with an operating system and application inside. A way of being manly. Also explore over 254 similar quizzes in this category. The "invisible hand" refers to firms and resource suppliers, in seeking to further their own interests, promote the public or ____ interest. What type of society needs to develop an economic system? By practicing being honest, brave, just, generous, and so on, a person develops an honorable and moral character. the production of a good or service in the least costly way is known as ____ efficiency, according to the law of supply, price and quantity supplied have a ____ relationship, On a supply curve, ___ is labeled on the vertical axis. when the price of lettuce increases, the demand for salad dressing decreases; when the price of tuition decreases, the demand for textbooks increases, shortages; distortions in resource allocation; negative side effects; surpluses, ____ benefit is the additional utility gained from consuming one more unit of a good or service, T/F- In the supply and demand model, quantity demanded is illustrated on the vertical axis, while price is illustrated on the horizontal axis. Consumer ____ and ____ votes. This character-based approach to morality assumes that we acquire virtue through practice. Which of the following best describe the virtue of efficiency? Property rights encourage investment, ____, exchange, property ____, and economic growth. The three virtues of the market system are freedom, ____, and incentives. Which of the following refers to the extensive use and rapid development of capital goods in a market system? By utilizing the right mix of ____ and ____. (Select all valid answer choices) A. Packet switching B. Collision prevention on a LAN segment. A market system that imposes penalties and rewards upon entrepreneurs and workers seeking to further their own self interests is an example of which of the following virtues of the market system? Virtue ethics is primarily concerned with traits of character that are essential to human flourishing, not with the enumeration of duties. Which best describes a virtue? Which of the following are determinants of supply? Patience is a Virtue Meaning. Which of the following statements are true? Answers: a. The ____ encourages the development and adoption of new and more efficient production techniques. ɪ k /, from Greek ἀρετή ()) are normative ethical theories which emphasize virtues of mind, character and sense of honesty. Following are the virtues managers need for being effective 1. Which of the following best serves as the regulatory mechanism of the market system. The market system promotes the efficient use of the resource by guiding them into the production of the goods and services most wanted by society; The market encourages the development and … The market system promotes the efficient use of the resource by guiding them into the production of the goods and services most wanted by society; The market encourages the development and adoption of new and more efficient production techniques. Which of the following are markets in a simple circular flow model? Which of the following describes how a market system decides what will be produced? d. A character trait that we have developed over time Question 2 5.5 out of 5.5 points What is virtue ethics about? Some philosophers argued that happiness only came from following a set of rules, while Aristotle argued that the best way to have happiness is to cultivate a virtuous character. It is the quest to understand and live a life of moral character. According to Aristotle, the final good is sufficient for a man himself, but also for ... the best … In finance and economics, efficiency can be used in a variety of ways to describe various optimization processes. This problem has been solved! Buddhism, religion and philosophy that developed from the teachings of the Buddha (Sanskrit: “Awakened One”), a teacher who lived in northern India between the mid-6th and mid-4th centuries bce (before the Common Era). Which of the following factors decrease demand for any good or service? Virtue ethics (or aretaic ethics / ˌ ær ə ˈ t eɪ. 3. Virtual Machines Explained A virtual computer system is known as a “virtual machine” (VM): a tightly isolated software container with an operating system and application inside. Which of the following does competition require? The goods and services produced by an economic unit through ____ can be exchanged for a full range of desired products produced by other economic units. For a market system to maximize its potential it must develop methods for assessing and managing. Which of the following are resources which businesses purchase from households? Which of the following describe the virtue of freedom? Specialization saves ____. quiz which has been attempted 8353 times by avid quiz takers. Selected Answer: d. How we should be. •the market encourages the development and adoption of new and more efficient production techniques •the market system promotes the efficient use of resources by guiding them into the … Choose those characteristics that best describe a command system. a. A central planning board sets the division of output between capital and consumer goods in a ____ system? Answers: a. I’m an American. 25 Virtues Found in the Best of Men. A society with ____ resources. land, labor, capital, entrepreneurial ability. In a market system, private property refers to the right of private firms and individuals, not the ____, to own most property resources such as land and capital. A command system is a ____-appointed central planning board and has ownership of most or all resources. March 10, 2018 by Chuck Chapman 3 Comments. c. positive virtues and negative virtues. falling incomes and the product is a normal good; falling incomes and the product is a normal good; a decrease in the price of a substitute good; an unfavorable change in consumer taste, Which of the following refers to a particular apportionment or mix of goods and services most highly valued by society, A decrease in demand while holding supply constant results in, a decrease in both equilibrium price and quantity. Which of the following are made possible because of private property rights in a market system? In the UK, however, it seemed as if everything took three weeks to get done. User: Which statement best describes ICS Form 201? prices of other goods, taxes and subsidies, producer expectations, The equilibrium price is otherwise known as the market-____ price. Increasing the output of one good would decrease the output of the other good. 7. A ____ is an institution or mechanism that brings buyers and sellers into contact. Which of the following are examples of a market? New York Stock Exchange; eBay; A pay-to-play online gaming site; a local gas station, a demand __ organizes the relationship between price and quantity in a tabular format, whereas the demand __ is a graphical representation of this relationship, A change in quantity demanded is caused by an increase or decrease in the ___ of the product under consideration and nothing else, The ongoing supply of a good or service by a producer essentially reflects the ___ of producing the good or service, recently, the popularity of 3D television increased significantly, therefore the equillibrium price and quantity of 3D television also increased; Consumers expect the price of shrimp to increase in the future, therefore the equilibrium price and quantity increase now; the price of coke increased, therefore the equilibrium price and quantity of pepsi increased, T/F: All else equal, a change in quantity supplied is caused by an increase or decrease in the price of a good or service, Equilibrium price and quantity in a market changes when there is a change in, The interaction between buyers and sellers, which determines the equilibrium ___ and ____, is illustrated by the intersection of the demand and supply curve, With a price ceiling, quantity ___ will exceed quantity ___, resulting in a persistent shortage of product, Choose all the following that will cause a change in supply, not quantity supplied, Technology, producer expectations, number of sellers, At any price above the equilibrium price, such as with a price floor, quantity supplied will be ___ the quantity demanded, resulting in a persistent excess supply or surplus of product, T/F- The inverse relationship between price and quantity demanded is called the law of supply, The determinants of demand, other things equal, are assumed to be ___ when a demand curve is drawn or computed. In a market system, only a firm's ____ are subject to business risk. Reyn at podium of the Gateway Chapel. Another problem with virtue-based ethical systems is the question of what the “right” sort of character is. 1. b. a minimum. "The cat is on my mat" counts as an observation statement. Functionally, “justice” is a set of universal principles which guide people in judging what is right and what is wrong, no matter what culture and society they live in. ... virtues. cattle, cigarettes, metals, stones, shells. One person’s virtue may be another person’s vice and a vice in one set of circumstances may be a virtue in another. One definition of justice is “giving to each what he or she is due.” The problem is knowing what is “due”. Which of the following correctly describe the various functions and virtues of a router? Money performs several functions, but first and foremost it is a: The millions of decisions made by households and businesses are highly coordinated with one another by ____ and ____. Knowing the difference between efficiency and effectiveness in management will help you to understand the meaning of the two terms completely. Households obtain income in the ____ market in order to buy the goods and services that businesses produce in the ____ market. The market system promotes the efficient use of resources by guiding them into the production of the goods and services most wanted by society. a. a maximum. 4) Socialisation has no role in developing moral values a) 1 and 4 b) 1,2 and 3 c) 1,2,3 and 4 d) 2 and 3 Correct Answer: B 5) Which among the following are principle concerns with ‘professional ethics’ By locating production facilities optimally to hold down production and transportation expenses; by utilizing the right mix of labor and capital, The millions of decisions made by households and businesses are highly coordinated with one another by ___ and ___. Observation statements describe observations in a way with which all or most other observers are bound to agree. The market encourages the development and adoption of new and more efficient production techniques. Capital accumulation refers to the accumulation of: Which of the following summarizes the product market? An increase in the excise tax on cigarettes, an increase or decrease in wages, an increase in the number of shoe stores at the local mall, If costs of production rise, the producer has an incentive to produce ____ output. Aristotle describes each virtue as. Technology, resource prices, taxes and subsidies, inverse relationship between price and quantity demanded for a product. In a circular flow model, in which of the following markets do households obtain the income needed to buy the goods and services? 2. The quantities of the property and human resources supplied; the prices commanded by the skills of the person in the resources market, The market system thrives on freedom of _____ and _____. Therefore, every point on the PPF frontier is Pareto efficient. quiz which has been attempted 8353 times by avid quiz takers. b. a minimum. A ____ is cited as a natural outgrowth of the sole proprietorship. Private property helps to facilitate exchange in which type of economic system? A good character trait. The following linear programming formulation (Model A) is used for evaluating the efficiency z E of any branch E in a set of n branches (Charnes, Cooper, & Rhodes, 1978). d. human virtues and divine virtues. This character-based approach to morality assumes that we acquire virtue through practice. Also explore over 254 similar quizzes in this category. Here in this article we have discussed the two, both in tabular form and points. c. A talent we are born with. Efficiency, the Capable Virtue. The market system directs resources to the production of goods and services that are the most desired by society. I like to get things done in (what seems to me to be) good time. Investment, innovation, economic growth, exchange, maintenance of property, In a market system, firm ___ are subject to business risk, Mutually agreeable economic transactions take place as a result of, the millions and decisions made by households and businesses are highly coordinated with one another by ___ and ____, Product and resources prices in a market system are determined by, the interaction between buyers and sellers. b. Consider the following background information for an allocation problem: Only those who have the patience to do simple things perfectly ever acquire the skill to do difficult things easily. The virtue that should be focused on to develop a virtuous character is moral virtue. Which of the following factors are the determinants of a person's income? The idea behind this expression goes as far back as the fifth century, to the epic poem Psychomachia.This poem serves to highlight Christian ideals and describes vices and virtues as people fighting one another. Try this amazing Quiz: Take This Medical Ethics Exam Test! Which of the following describe the role of government in the United State's form of capitalism? Try this amazing Quiz: Take This Medical Ethics Exam Test! A channel that has eliminated all wholesalers c. A channel that provides the best in terms of place utility d. An integrated channel that reduces redundancies and waste e. e. See the answer. Spreading from India to Central and Southeast Asia, China, Korea, and Japan, Buddhism has played a central… […] b. moral virtues and intellectual virtues. Virtue (Latin: virtus) is moral excellence.A virtue is a trait or quality that is deemed to be morally good and thus is valued as a foundation of principle and good moral being. a. a maximum. Which of the following best describe the virtue of efficiency? Which of the following enables owners to employ or dispose of their property and money as they see fit? 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Ethicists discuss the nature and definition of virtues he recognized were moral virtue and intellectual virtue in their... Contributes to a market-oriented economy describes a certain philosophical approach which of the following best describe the virtue of efficiency? ethics takes... Quizzes in this category occur through ____ or most other observers are bound to.! Just, generous, and incentives a central planning board sets the division of output between capital and consumer in! First difference between efficiency and Effectiveness in management will help you to understand live...