New Register here for RBI, SEBI & NABARD strategy workshop! April 9 at 7 PM

    Question

    Read the following passage and answer the next 3 question (Q21-Q23) According to Wallace, "A credo generally describes the highest values to which the company aspires to operate. It contains the `thou shalts.' A code of ethics specifies the ethical rules of operation. It's the `thou shalt nots." In the latter 1980s, The Conference Board, a leading business membership organization, found that 76% of corporations surveyed had codes of ethics. Some business ethicists disagree that codes have any value. Usually they explain that too much focus is put on the codes themselves, and that codes themselves are not influential in managing ethics in the workplace. Many ethicists note that it's the developing and continuing dialogue around the code's values that is most important. If an organization is quite large, e.g., includes several large programs or departments, it may want to develop an overall corporate code of ethics and then a separate code to guide each of its programs or departments. Codes should not be developed out of the Human Resource or Legal departments alone, as is too often done. Codes are insufficient if intended only to ensure that policies are legal. All staff must see the ethics program being driven by top management.

    A situation in which two moral principles conflict with

    one another is known as ______
    A Conflict of interest Correct Answer Incorrect Answer
    B Fiduciary interest Correct Answer Incorrect Answer
    C Ethical dilemma Correct Answer Incorrect Answer
    D Ethics dishonor Correct Answer Incorrect Answer
    E Unethical behavior Correct Answer Incorrect Answer

    Solution

    In philosophy, ethical dilemmas, also called ethical paradoxes or moral dilemmas, are situations in which a person stands under two or more conflicting moral requirements, none of which overrides the other. An ethical dilemma is a situation in which every available choice is wrong or inconsistent with accepted ethical guidelines. For example, the choice faced by the nation to impose lockdown in COVID times or not was an ethical dilemma. No lockdown meant more loss of lives and lockdown meant economic downturn which ultimately also impacted livelihood and lives of people.

    Practice Next