Essay about Exam for Chapter 1

Words: 1244
Pages: 5

* Question 1
10 out of 10 points | | | A group of young professionals were discussing the relationship between law and business. Adam argues that law primarily benefits the owners of businesses at the expense of workers and customers, while Beth takes the opposite position - that law primarily benefits the individual employees, customers and others, at the expense of the owners of businesses. Charlie posits that all parties are better off because of the presence of law, while David asserts that law is not a significant factor in the conduct of business. Based on your text, which person's view is most accurate? Answer | | | | | Selected Answer: | C. Charlie | Correct Answer: | C. Charlie | Response Feedback: | Correct!
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| Response Feedback: | Correct. The correct answer is "C". The law does not prohibit all bad behavior. An action that is unethical may nonetheless be legal. See the discussion on "The Relationship Between Law and Ethics" on page 22. | | | | | * Question 8
0 out of 10 points | | | Acme corporation's manufacturing plant was discovered to be pouring toxic waste into a creek that flows to a large river. The Environmental Protection Agency fined the corporation one million dollars. Which of the following is true about this fine?Answer | | | | | Selected Answer: | D. Both B and C are correct. | Correct Answer: | A. It will not punish the wrongdoer(s). | Response Feedback: | The correct answer is "A". It will not punish the wrongdoer(s).This is addressed in the section of the lecture titled "There are No Corporations." Fining the corporation a million dollars will do one of three things - (1) cause the customers to have to pay more, (2) cause the employees to be paid less, or (3) cause the investors to have less value in their stock. The decision to put toxic waste in the creek was not made by any of these groups - but perhaps by one person or a group of employees at most. See the discussion in the lecture. | | | | | * Question 9
10 out of 10 points | | | Which of the following is a topic considered in discussions of corporate social responsibility? Answer | | | | | Selected Answer: | D.