Question 1

Briefly explain Milton Friedman's view of social responsibility.

Accepted Answer

Milton Friedman's view of social respons...

Question 2

Which of the following is one of the three arguments in favor of narrow corporate social responsibility discussed in this chapter?

Accepted Answer

A)  business-can-handle-it
B)  let-government-do-it
C)  society-lacks-the-expertise
D)  visible-hand

Question 3

Briefly sketch the evolution of corporations.

Accepted Answer

The evolution of corporations can be tra...

Question 4

Kenneth Arrow argues that

Accepted Answer

A)  settled economic life requires purely selfish behavior.
B)  with ethical codes, there's no need for taxes, laws, or regulations as a way of controlling corporate behavior.
C)  ethical codes can contribute to economic efficiency.
D)  to be viable, ethical codes need not be widely accepted or part of corporate culture.

Question 5

In the corporate world,  the board of directors will

Accepted Answer

A)  rubber stamp the policies and recommendations of the management.
B)  write the policies and procedures.
C)  be there just for show.
D)  hire and fire people for key management positions.

Question 6

According to law professor Christopher D. Stone, the relationship between corporate management and its shareholders is identical with the relationship between you and an investment advisor.

Accepted Answer

A) True 
 B)False

Question 7

Adherents of the broad view of corporate responsibility claim that modern business is intimately integrated with the rest of society and that, as a result, although society expects business to pursue its economic interests, business has other responsibilities as well.

Accepted Answer

A) True 
 B)False

Question 8

The best statement to describe corporations is

Accepted Answer

A)  corporations don't need moral codes.
B)  corporate culture refers to the cultural activities sponsored by the company for its employees.
C)  Johnson & Johnson's handling of the Tylenol crisis of 1982 was a gross failure of corporate responsibility.
D)  corporate culture can be both explicit and implicit.

Question 9

The idea that corporations will impose their values on us supports one of the arguments for the narrow view of corporate social responsibility.

Accepted Answer

A) True 
 B)False

Question 10

Most Americans believe a corporation's top obligation is to its

Accepted Answer

A)  nation.
B)  stockholders.
C)  community.
D)  employees.

Question 11

Should Nestles be considered a moral agent in its dealings with infant formula?  State reasons to defend your position.

Accepted Answer

Nestle should be considered a moral agen...

Question 12

Companies should look at a code of ethics as more than just window dressing with more than just a vagueness that is so general it lacks substance.

Accepted Answer

A) True 
 B)False

Question 13

Explain the relevance of the concept of a promissory relationship to the debate over corporate social responsibility.

Accepted Answer

The concept of a promissory relationship...

Question 14

Legally a corporation is a thing that can endure beyond the natural lives of its members and that has incorporators who may sue and be sued as a unit and who are able to consign part of their property to the corporation for ventures of limited liability.

Accepted Answer

A) True 
 B)False

Question 15

The courts and the general public find corporate responsibility

Accepted Answer

A)  useful and intelligible.
B)  contradicting.
C)  ambiguous and useless.
D)  a waste of time.

Question 16

Externalities are

Accepted Answer

A)  always positive, never negative.
B)  a blessing in disguise in inflationary times.
C)  an inevitable by-product of social responsibility.
D)  unintended side-effects.

Question 17

It is not logically for corporations to acknowledge that business should be conducted morally.

Accepted Answer

A) True 
 B)False

Question 18

The first corporations

Accepted Answer

A)  were towns, universities, and ecclesiastic orders.
B)  emerged in the 19th century.
C)  were government owned.
D)  were profit-making associations.

Question 19

What is the problem of "vanishing individual responsibility"?

Accepted Answer

The problem of "vanishing individual res...

Question 20

A common point of contention about corporations is

Accepted Answer

A)  corporate punishment is no different from individual punishment.
B)  modern corporations no longer utilize a CID structure.
C)  philosophers and business theorists disagree whether corporations are moral agents.
D)  if corporations are moral agents, then this relieves individual human beings of any moral responsibility.

Exam 5: Corporations

Most Americans believe a corporation's top obligation is to its

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According to law professor Christopher D. Stone, the relationship between corporate management and its shareholders is identical with the relationship between you and an investment advisor.

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Which of the following is one of the three arguments in favor of narrow corporate social responsibility discussed in this chapter?

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Briefly explain Milton Friedman's view of social responsibility.

Correct AnswerAnswered by ExamLex AIMilton Friedman's view of social respons...View AnswerShow Answer

In the corporate world, the board of directors will

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Adherents of the broad view of corporate responsibility claim that modern business is intimately integrated with the rest of society and that, as a result, although society expects business to pursue its economic interests, business has other responsibilities as well.

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Externalities are

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The courts and the general public find corporate responsibility

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Companies should look at a code of ethics as more than just window dressing with more than just a vagueness that is so general it lacks substance.

Correct AnswerverifiedShow Answer

Should Nestles be considered a moral agent in its dealings with infant formula? State reasons to defend your position.

Correct AnswerAnswered by ExamLex AINestle should be considered a moral agen...View AnswerShow Answer

Kenneth Arrow argues that

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The first corporations

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Explain the relevance of the concept of a promissory relationship to the debate over corporate social responsibility.

Correct AnswerAnswered by ExamLex AIThe concept of a promissory relationship...View AnswerShow Answer

Legally a corporation is a thing that can endure beyond the natural lives of its members and that has incorporators who may sue and be sued as a unit and who are able to consign part of their property to the corporation for ventures of limited liability.

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Briefly sketch the evolution of corporations.

Correct AnswerAnswered by ExamLex AIThe evolution of corporations can be tra...View AnswerShow Answer

A common point of contention about corporations is

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The idea that corporations will impose their values on us supports one of the arguments for the narrow view of corporate social responsibility.

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The best statement to describe corporations is

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It is not logically for corporations to acknowledge that business should be conducted morally.

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What is the problem of "vanishing individual responsibility"?

Correct AnswerAnswered by ExamLex AIThe problem of "vanishing individual res...View AnswerShow Answer

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Milton Friedman's view of social respons...
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Nestle should be considered a moral agen...
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The concept of a promissory relationship...
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The evolution of corporations can be tra...
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The problem of "vanishing individual res...
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