Eco 4
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Questions and Answers

According to Jeremy Bentham, what are the two sovereign masters that nature has placed mankind under?

  • Pleasure and Pain (correct)
  • Virtue and Vice
  • Happiness and Sorrow
  • Good and Evil

    • What does Jeremy Bentham mean by 'utility'?

  • The property of producing pleasure or happiness (correct)
  • The absence of pain or evil
  • The presence of virtue or good
  • The state of being morally good

    • What is the ultimate goal of economics according to William Stanley Jevons?

  • To minimize pain
  • To increase virtue
  • To accumulate wealth
  • To maximize happiness (correct)

    • What is the relationship between pleasure and happiness according to Mill?

    <p>Pleasure and happiness are equivalent</p> Signup and view all the answers

    What is a key characteristic of pains and pleasures according to Bentham?

    <p>They are heterogeneous</p> Signup and view all the answers

    What is the moral standard set up by the theory of utilitarianism?

    <p>The maximization of pleasure and minimization of pain</p> Signup and view all the answers

    What is the primary focus of economics, according to the text?

    <p>Happiness and pleasure</p> Signup and view all the answers

    Which economist believed that the increase in riches is a means to provide happiness for all?

    <p>Sismondi</p> Signup and view all the answers

    What is eudaimonia according to Aristotle?

    <p>The highest good or ultimate end of life</p> Signup and view all the answers

    What is the view of 'happiness as Eudaimonia' classified as in the context of mainstream economics?

    <p>Not mainstream</p> Signup and view all the answers

    According to Aristotle, why does seeking virtue instrumentally fail to produce eudaimonia?

    <p>Because virtues lose their value when sought instrumentally</p> Signup and view all the answers

    Which tradition is associated with Adam Smith, focusing on wealth as a means to happiness?

    <p>Cambridge tradition</p> Signup and view all the answers

    What is the relationship between virtues and eudaimonia in Aristotle's theory?

    <p>Eudaimonia is the result of seeking virtues intrinsically</p> Signup and view all the answers

    According to Loria, what do Italian economists focus on, unlike Adam Smith?

    <p>Public happiness</p> Signup and view all the answers

    What is the fundamental tension in Aristotle's theory of eudaimonia?

    <p>The tension between seeking virtues and seeking eudaimonia</p> Signup and view all the answers

    Which of the following is not a concept related to happiness in economics?

    <p>Instrumental rationality</p> Signup and view all the answers

    How does seeking eudaimonia instrumentally undermine its value?

    <p>It reduces eudaimonia to a means</p> Signup and view all the answers

    What is the relationship between eudaimonia and virtues according to Aristotle?

    <p>Eudaimonia is the result of living a virtuous life</p> Signup and view all the answers

    According to Jeremy Bentham, pain and pleasure are the only factors that determine human behavior.

    <p>True</p> Signup and view all the answers

    The theory of utilitarianism is primarily concerned with maximizing happiness through the minimization of pain.

    <p>True</p> Signup and view all the answers

    Pleasure and pain are homogenous concepts, differing only in intensity.

    <p>False</p> Signup and view all the answers

    Happiness is equivalent to the absence of pain.

    <p>False</p> Signup and view all the answers

    The concept of eudaimonia is unrelated to the theory of utilitarianism.

    <p>False</p> Signup and view all the answers

    The ultimate goal of economics is to maximize individual wealth.

    <p>False</p> Signup and view all the answers

    Eudaimonia is considered as a means to achieve higher goods, according to Aristotle.

    <p>False</p> Signup and view all the answers

    Aristotle believes that happiness can be achieved through instrumental means, such as wealth or fame.

    <p>False</p> Signup and view all the answers

    Virtues are valuable only if they lead to eudaimonia, according to Aristotle.

    <p>False</p> Signup and view all the answers

    Eudaimonia is desirable only for the sake of something else, according to Aristotle.

    <p>False</p> Signup and view all the answers

    Aristotle views eudaimonia as a pleasure that can be achieved through external means.

    <p>False</p> Signup and view all the answers

    According to Aristotle, seeking virtue instrumentalistically does not undermine its value.

    <p>False</p> Signup and view all the answers

    In economics, wealth is considered the ultimate goal.

    <p>False</p> Signup and view all the answers

    The concept of 'happiness as pleasure' is a mainstream approach in economics.

    <p>True</p> Signup and view all the answers

    Economists, such as Adam Smith, focus on public happiness as the primary goal.

    <p>False</p> Signup and view all the answers

    The concept of eudaimonia is a part of mainstream economics.

    <p>False</p> Signup and view all the answers

    Sismondi believed that the increase in riches is the ultimate goal of economics.

    <p>False</p> Signup and view all the answers

    Loria stated that Italian economists focus on the wealth of nations, like Adam Smith.

    <p>False</p> Signup and view all the answers

    What is the primary objective of economics according to the utilitarianism theory?

    <p>To maximize happiness by purchasing pleasure at the lowest cost of pain</p> Signup and view all the answers

    What is the significance of 'pain' and 'pleasure' in the context of utilitarianism?

    <p>They are the two sovereign masters that govern human behavior, and the ultimate goal is to maximize pleasure and minimize pain</p> Signup and view all the answers

    What is the distinction between 'pain' and 'pleasure' according to Bentham?

    <p>They differ in kind, apart from the question of intensity</p> Signup and view all the answers

    How does the concept of 'utility' relate to happiness and pleasure in the context of utilitarianism?

    <p>Utility is the property that tends to produce benefit, advantage, pleasure, good, or happiness</p> Signup and view all the answers

    What is the relationship between 'happiness' and 'pleasure' according to Mill?

    <p>Happiness is intended to mean pleasure</p> Signup and view all the answers

    What is the main focus of the theory of utilitarianism in the context of economics?

    <p>To maximize happiness</p> Signup and view all the answers

    What is the primary focus of economics, according to Sismondi and Loria?

    <p>providing happiness for all</p> Signup and view all the answers

    How does the concept of 'happiness as pleasure' fit into the broader context of economics?

    <p>it is a mainstream approach</p> Signup and view all the answers

    What is the relationship between wealth and happiness, according to the text?

    <p>wealth is a means to happiness</p> Signup and view all the answers

    What is the focus of the 'Cambridge tradition' in economics?

    <p>wealth as a means to happiness</p> Signup and view all the answers

    What is the ultimate goal of economics, according to the text?

    <p>happiness</p> Signup and view all the answers

    How does the concept of happiness relate to the study of economics, according to the text?

    <p>happiness is the direct goal of economics</p> Signup and view all the answers

    What is the primary characteristic of eudaimonia according to Aristotle, and how does it relate to virtues?

    <p>Eudaimonia is self-sufficient and the highest good; it is inseparable from the practice of virtues, and can only be reached as a by-product of seeking to be virtuous.</p> Signup and view all the answers

    How does seeking eudaimonia instrumentalistically undermine its value, according to Aristotle?

    <p>When virtues are sought as a means to achieve eudaimonia, they cease to be virtues, as they are no longer valued for their intrinsic worth.</p> Signup and view all the answers

    What is the fundamental tension in Aristotle's theory of eudaimonia, and how does it relate to the concept of virtues?

    <p>The fundamental tension lies in the fact that virtues are necessary for eudaimonia, but seeking virtues as a means to achieve eudaimonia undermines their value; virtues must be sought for their own sake, rather than as a means to an end.</p> Signup and view all the answers

    How does Aristotle's concept of eudaimonia differ from mainstream economic approaches to happiness?

    <p>Aristotle's concept of eudaimonia emphasizes the importance of living a virtuous life, rather than seeking wealth or material goods as a means to happiness; in contrast, mainstream economic approaches often focus on wealth and consumption as a means to achieve happiness.</p> Signup and view all the answers

    What is the relationship between eudaimonia and gratuity in Aristotle's theory?

    <p>Eudaimonia is only achieved when virtues are sought for their own sake, rather than as a means to achieve happiness; in this sense, eudaimonia is a gratuitous outcome of living a virtuous life.</p> Signup and view all the answers

    How does Aristotle's concept of eudaimonia relate to the concept of happiness in utilitarianism?

    <p>Aristotle's concept of eudaimonia emphasizes the importance of living a virtuous life, whereas utilitarianism focuses on maximizing happiness through the minimization of pain; the two approaches offer distinct perspectives on the nature of happiness and the good life.</p> Signup and view all the answers

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