Question 1

The belief that businesses that help solve difficult social problems create a desirable community and attract and keep skilled employees is known as which argument for social responsibility?

Accepted Answer

The answer of The belief that businesses that help solve...

Question 2

The belief that businesses are being socially responsible when they attend only to economic interests is known as which argument against a firm being socially responsible?

Accepted Answer

The argument that businesses should focus solely on economic interests aligns with the idea that social responsibility violates the principle of profit maximization.

Question 3

Applying social criteria to an investment decision refers to ________.

Accepted Answer

Social screening involves applying social criteria to investment decisions, ensuring that investments align with certain ethical, social, or environmental standards.

Question 4

Social responsiveness refers to the capacity of a firm to adapt to changing ________.

Accepted Answer

Social responsiveness is about a firm's ability to adapt to changing societal conditions, reflecting its awareness and reaction to social issues and expectations.

Question 5

Under the concept of social obligation, the organization ________.

Accepted Answer

Under the concept of social obligation, an organization does the minimum required by law, focusing primarily on compliance rather than exceeding legal requirements or considering broader stakeholder interests.

Question 6

The belief that a firm's pursuit of social goals would give them too much power is known as what argument in opposition to a firm being socially responsible?

Accepted Answer

The argument that a firm's pursuit of social goals would give them too much power is directly referred to as the "too much power" argument against corporate social responsibility.

Question 7

When a firm advertises that it only uses recycled paper products, it is ________.

Accepted Answer

The answer of When a firm advertises that it only...

Question 8

The belief that businesses have the financial, technical, and managerial resources to support needed public and charitable projects is known as which argument?

Accepted Answer

The possession of resources argument suggests that businesses have the financial, technical, and managerial resources to support needed public and charitable projects.

Question 9

Employee relations, philanthropy, pricing, resource conservation, product quality and safety, and doing business in countries that violate human rights are some obvious examples of ________.

Accepted Answer

These are decisions that managers face that have a social responsibility dimension, as they involve ethical considerations and impact on society.

Question 10

The aspect that differentiates social responsibility from other similar concepts is that it ________.

Accepted Answer

The answer of The aspect that differentiates social responsibility from...

Question 11

The belief that businesses should be responsible because such actions are right for their own sake is known as which argument for social responsibility?

Accepted Answer

The belief that businesses should act responsibly because it is inherently the right thing to do is known as the ethical obligation argument for social responsibility.

Question 12

________ provides a way for individual investors to support socially responsible companies.

Accepted Answer

A socially responsible investment fund allows individual investors to invest in companies that align with their ethical, social, and environmental values.

Question 13

Which argument for social responsibility puts forth the belief that an imbalance between the large amount of power held by firms and their responsibility is harmful to the public good?

Accepted Answer

The argument of balance of responsibility and power suggests that when firms have significant power, they should also have corresponding responsibilities to prevent harm to the public good.

Question 14

Which argument for social responsibility puts forth the belief that by becoming socially responsible businesses can expect to have less government regulation?

Accepted Answer

The argument that businesses can expect less government regulation by becoming socially responsible is directly related to the discouragement of further government regulation.

Question 15

The belief that business leaders should not direct social policy because there is no direct line of social accountability to the public is known as what argument against a firm being socially responsible?

Accepted Answer

The argument of "lack of accountability" suggests that business leaders should not direct social policy because they are not directly accountable to the public in the same way that elected officials are.

Question 16

The belief that the costs of social activity are passed on as higher prices to consumers is known as which argument against a firm being socially responsible?

Accepted Answer

The "costs" argument suggests that when firms engage in socially responsible activities, they incur additional costs, which are then passed on to consumers in the form of higher prices.

Question 17

Social obligation is the obligation of a business to meet its ________.

Accepted Answer

Social obligation refers to a business's duty to fulfill its economic and legal responsibilities, ensuring compliance with laws and regulations while maintaining profitability.

Question 18

One should be cautious in the interpretation, but a summary of more than a dozen studies analyzing the relationship between organizational social responsibility and economic performance provides what conclusion?

Accepted Answer

A summary of multiple studies suggests a positive relationship between corporate social involvement and economic performance, indicating that socially responsible practices can be beneficial for a company's financial success.

Question 19

There is ________ to say that a company's socially responsible actions significantly hurt its long-term economic performance.

Accepted Answer

There is not any evidence to suggest that socially responsible actions significantly hurt a company's long-term economic performance. In fact, many studies indicate that such actions can enhance reputation and financial performance.

Question 20

________ is defined as a business firm's obligation, beyond that required by law and economics, to pursue long-term goals that are good for society.

Accepted Answer

Social responsibility refers to a business firm's duty to pursue long-term goals that benefit society, beyond legal and economic obligations.

Quiz 5: Social Responsibility and Managerial Ethics