"The Social Responsibility of Business Is to Increase Profits," Is

question 66

True/False

"The social responsibility of business is to increase profits," is a well known quote from Milton Friedman, a Nobel Prize-winning economist.

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Definitions:

Binding Contract

An agreement between parties that is legally enforceable in a court of law.

Commitment

The state or quality of being dedicated to a cause, activity, or undertaking.

Standard Of Care

The degree of attentiveness, caution, and prudence that a reasonable person would reasonably be expected to do in similar circumstances.

Test

A method or procedure used to assess the presence, quality, or performance of something.