Business Ethics Week 4

Business Ethics Q & A Week 4 The code of ethics is the same for international businesses as it is for U.S. businesses? Selected Answer: B. False Correct! Each country has its own set of rules, regulations, and laws that governs their companies. The U.S. based companies are mandated to comply to U.S. laws, even when operating internationally. There is a "fair trade "relationship to sustainability. Selected Answer: A. True Correct! If sustainability is sought, fair trade is going to nurture that practice as well as solidify the relationships that contribute to sustainability. Should ethics training be mandatory in corporations today? Selected Answer: C. Yes, it protects the employees and the employer to a certain extent in possible future legal actions. Correct! For legal reasons, that protects both the employee and the employer from future litigation in case of subsequent violations. The record would demonstrate that the employer provided training and that the employee should have known better. Are typical consumers willing to pay more for a product if the manufacturer is corporately responsible? B. No based upon historical data and statistics, the consumers primary concern is price. Correct! While the violation of social responsibility may be extremely negative and not popular at all, historical data shows that consumers are still led by their wallets, not their political or social beliefs. Question 1 A basic tenet of capitalism is that Selected Answer: capitalism requires private ownership of the major means of production. Business Ethics Q & A Correct Answer: capitalism requires private ownership of the major means of production. Question 2 The concept of the "invisible hand" means Selected Answer: pursuit of private gain will bring the best overall results. Correct Answer: pursuit of private gain will bring the best overall results. Question 3 Evidence for the idea that American manufacturing is declining is Selected Answer: the fact that government now employs more people than manufacturing. Correct Answer: the fact that government now employs more people than manufacturing. Question 4 Which statement best describes capitalism? Selected Answer: Capitalism is an economic system that operates under the profit motive. Correct Answer: Capitalism is an economic system that operates under the profit motive. Question 5 For the first time since the Industrial Revolution, less than 10 percent of the American workforce was employed by manufacturing. Question 1 The statement that accurately describes corporations is Business Ethics Q & A Selected Answer: corporate shareholders have limited liability for their debts. Correct Answer: corporate shareholders have limited liability for their debts. Question 2 Corporations differ from partnerships and other forms of business association in two ways. One of these is that Selected Answer: they must be publicly registered or in some way officially acknowledged by the law. Correct Answer: they must be publicly registered or in some way officially acknowledged by the law. Question 3 Externalities are Selected Answer: unintended sideeffects. Correct Answer: unintended sideeffects. Question 4 The “rules of the game” for corporate work are intended to Selected Answer: promote open and free competition. Correct Answer: promote open and free competition. Question 5 Those with a broader view concerning business obligations believe that with power comes Business Ethics Q & A Selected Answer: social responsibility. Correct Answer: social responsibility. .