Milton Friedman Expressed the View in His Book,Capitalism and Freedom,that

question 31

Multiple Choice

Milton Friedman expressed the view in his book,Capitalism and Freedom,that:

• A) Corporate managers have a moral responsibility to consider the impact of the entity on the environment and society, on the basis that society has an unwritten 'contract' with the entity under which society allows the entity to continue to exist if it offers appropriate benefits back to the community.
• B) Corporate managers should provide transparent accountability to those who provide capital whether that is in financial, broader economic or social terms.
• C) Corporate managers have a single responsibility and that is to use the resources of the entity and engage in activities designed to increase profits within the constraints of engaging in free and open competition without deception or fraud.
• D) Corporate managers should pursue their own best interests since they will be contracted to the entity they manage in such a way that any agency costs of their self-interested behaviour are minimised and so they will generate the most efficient allocation of resources, profits and benefits for society.

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Definitions:

Trabeculae Carneae

Muscular ridges and columns found inside the ventricles of the heart, which help strengthen and support its walls.

Pectinate Muscles

Internal ridges of myocardial tissue in the atria of the heart, particularly pronounced in the right atrium.

Chordae Tendineae

Tendinous strands running from the papillary muscles to the atrioventricular valves.

Endocardium

Innermost layer of the heart, including endothelium and connective tissue.