Most common violations of business ethics

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Reference no: EM132275848

1. The principal aim of business firms in a market system is to maximize the__________.

number of jobs available to people

number of products available

return on investment

amount of money for future investment

2. The simplest definition of efficiency is

obtaining the greatest output with the least input

obtaining the greatest input with the least output

3. According to the text, what is considered one of the most common violations of business ethics?

theft of service

sexual harassment

fraud

4. Although buyers and sellers in market exchanges have no duty to consider the other party's interest, they still have an obligation of basic morality toward each other.

True

False

5. The argument that free markets are efficient presupposes:

direct economics

subprime opportunities

perfect competition

statute of frauds

6. A market economy has a well-known bias in favor of

private over public consumption

public over private consumption

7. A(n) _________ is a party who has been engaged to act on behalf of another called the principal.

attorney

client

customer

agent

8. A __________ is a person who has been entrusted with the care of another's property or assets and who has a responsibility to exercise discretionary judgement in this capacity solely in this other person's interest.

fiduciary

attorney

trustor

customer

9. Which of the following is NOT a fiduciary duty outlined in the text?

candor

care

impartiality

loyalty

10. A moral point of view requires up to be:

biased

impartial

Reference no: EM132275848

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