The Classical View of Social Responsibility Is That Management's Only

question 55

Multiple Choice

The classical view of social responsibility is that management's only social responsibility is ________.

• A)to follow government dictates
• B)to maximise profits
• C)to not concern itself with pollution
• D)to meet industry quality standards
• E)to meet the requirements of all stakeholders

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Definitions:

Production Possibility Frontier

A curve depicting the maximum attainable combinations of two products that may be produced with available resources and technology.

Good X

Often refers to a specific product or commodity being analyzed or discussed in economic models.

Good Y

A generic term used in economic models to represent a particular product or service in the market.

Production Possibility Frontier

A curve depicting all maximum output possibilities for two goods, given a set amount of inputs, highlighting concepts of opportunity cost, efficiency, and trade-offs.