Question 1

Charges of unethical business practices are common outside Canada.

Accepted Answer

Charges of unethical business practices are unfortunately common in many countries around the world. Canada is not immune to such practices either, but the statement specifies "outside Canada," implying that unethical business practices are not as prevalent within the country.

Question 2

Avoiding lawsuits is one reason to manage a firm ethically.

Accepted Answer

Managing a firm ethically includes obeying laws and regulations, providing fair treatment to employees and customers, and being transparent in business practices. By doing so, the chances of facing lawsuits due to unethical or illegal conduct are reduced, which can save the company a significant amount of time, money, and reputation damage.

Question 3

Both the strategic and pluralist approaches recognize the responsibility of management to optimize profits.

Accepted Answer

Both the strategic and pluralist approaches prioritize the goal of maximizing profits, but they differ in their approach to achieving this goal.

Question 4

Given the level of diversity within Canada,agreement on common standards of ethical behaviour is unachievable.

Accepted Answer

Despite the diversity within Canada, there are still common standards of ethical behavior that are accepted and expected in Canadian society. While there may be differences in specific ethical beliefs and values between different cultural and ethnic groups, there are overarching principles of respect, fairness, and honesty that are generally agreed upon. Additionally, many professions and industries in Canada have established codes of ethics that provide guidelines for ethical conduct that are widely accepted and followed.

Question 5

Barney extends his lunch break beyond the allotted time.Wilma uses the office telephone for an unauthorized personal phone call.Fred misrepresents his product to a potential customer.All of these are examples of unethical behaviour.

Accepted Answer

All of these actions violate ethical standards, such as respecting company policies and not intentionally deceiving others for personal gain.

Question 6

While "doing the right thing" is an admirable code of ethics,there are no international organizations dealing with global ethics and corruption.

Accepted Answer

There are international organizations such as Transparency International and the United Nations Office on Drugs and Crime that focus on global ethics and corruption.

Question 7

Applying the ethical standards of Canada to foreign firms is more difficult than judging the behaviour of Canadian firms.

Accepted Answer

This is because Canada's ethical standards may not align with those of foreign firms or may not be enforceable outside of Canada's jurisdiction. Additionally, cultural and societal differences may also come into play when trying to apply Canadian ethical standards to foreign firms.

Question 8

My only social responsibility is to make a profit.I will show my concern for society by providing my customers with a product that they need and desire.These statements are consistent with the concept of corporate social responsibility.

Accepted Answer

The statements are not consistent with the concept of corporate social responsibility, which involves taking into account the impact of business decisions on society and the environment, and actively seeking to contribute to the well-being of these stakeholders. A company's social responsibility goes beyond just making a profit and should include ethical practices, philanthropy, and sustainability efforts.

Question 9

Canadian businesses and consumers have little influence over the behaviour of businesses from other countries.

Accepted Answer

The answer of Canadian businesses and consumers have little influence...

Question 10

A social audit attempts to measure a firm's progress in the area of worker-management relations.

Accepted Answer

The answer of A social audit attempts to measure a...

Question 11

In the long run,a firm's loyalty to their employees can pay off financially.

Accepted Answer

When a firm is loyal to its employees, it can lead to increased employee satisfaction, reduced turnover, improved productivity, and lower recruitment and training costs. All of these factors can have a positive impact on the firm's financial performance in the long run.

Question 12

Insider trading occurs when employees of a company use private company information to profit in the stock market.

Accepted Answer

Insider trading is the use of non-public information by employees, directors, or major shareholders of a company to make profits in the stock market. It is illegal and can result in fines, imprisonment, and reputational damage for those involved.

Question 13

Ethical behaviour requires individuals to decide for themselves what is right and wrong in each situation they face.

Accepted Answer

Ethical behavior often involves adhering to established moral principles and societal norms, rather than solely relying on personal judgment.

Question 14

Ethical behaviour involves the clear and easy choice of right and wrong actions toward others.

Accepted Answer

Ethical behaviour is not always clear-cut and easy to determine. It involves the complex evaluation of actions and their potential impact on others, considering diverse perspectives and values. Ethical decision-making often requires careful consideration and reflection.

Question 15

Legal behaviour and ethical behaviour are basically the same.

Accepted Answer

Legal behaviour refers to actions that are allowed or permitted by law, while ethical behaviour refers to actions that are morally right or wrong. While there may be some overlap between the two, they are not the same thing. It is possible for an action to be legal but unethical, or for an action to be ethical but illegal.

Question 16

Unethical behavior is restricted to for-profit businesses only.

Accepted Answer

Unethical behavior can occur in any type of organization, including non-profit organizations, government agencies, and educational institutions.

Question 17

A code of ethics designed to avoid criminal misconduct is an example of a compliance-based ethics code.

Accepted Answer

A compliance-based ethics code focuses on ensuring compliance with laws and regulations to avoid legal violations, including criminal misconduct.

Question 18

One responsibility of business is to satisfy customers by offering them goods and services of real value.

Accepted Answer

This statement is true as one of the main goals of any business is to provide products or services that meet customers' needs and expectations, thus resulting in customer satisfaction and loyalty.

Question 19

A new law requiring businesses to give 90 day notice of their plans to close an office or factory was recently enacted.This action indicates the public's desire for businesses to behave in a socially responsible manner.

Accepted Answer

The new law requiring businesses to give 90 day notice of their plans to close an office or factory suggests that there is a social responsibility expectation from businesses.

Question 20

Defining a socially responsible company is complicated.We can't seem to agree on what being socially responsible involves.

Accepted Answer

Different people and organizations may have varying opinions on what constitutes social responsibility for a company, making it a complex and often debated concept.

Quiz 5: Ethics and Social Responsibility