Which of the Following Statements Best Describes the Difference Between

question 85

Multiple Choice

Which of the following statements best describes the difference between law and ethics?

• A) Law tells us what we must do; ethics tells us what we should do.
• B) Law and ethics are interchangeable.
• C) Ethics tells us what we must do; law tells us what we should do.
• D) A person need not worry about acting legally, as long as she acts ethically.
• E) If a person acts unethically, he has broken the law.

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Definitions:

Industrial Firms

Companies engaged in the production of goods within an industrial sector, including manufacturing, construction, and mining activities.

Assets

Resources owned or controlled by a business, entity, or individual, expected to produce economic value or future benefits.

Economic Order Quantity

A formula used to determine the optimal order size that minimizes the total inventory holding costs and ordering costs.

Carrying Cost

The total cost of holding inventory, including storage, insurance, taxes, opportunity costs, and depreciation.