Which of the Following Statements Is Inconsistent with Milton Friedman's

question 18

Multiple Choice

Which of the following statements is inconsistent with Milton Friedman's argument regarding the responsibility of a firm?

• A)Labour leaders' only responsibility is to serve the interests of their unions.
• B)Free and open competition is beneficial to business.
• C)Profit maximization is the primary purpose of business.
• D)The only social responsibility of business is to make profits.
• E)All of the answers are consistent with his position.

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Definitions:

Purchases

The act of buying goods or services, involving the transfer of money or other forms of payment from buyer to seller.

Marginal Tax Rates

The amount of tax paid on an additional dollar of income, which can vary by income level and type of taxpayer.

Federal Personal Income Tax

A tax levied by the federal government on the annual income of individuals, with rates varying based on income levels.

Average Tax Rates

The ratio of total taxes paid to total income, expressing the fraction of income that is paid in taxes.