TEST BANK for Business and Society 17th Edition by Lawrence & Weber, ISBN: 9781265079246, All 19 Chapters Covered, Verified Latest Edition TEST BANK for Business and Society: Stakeholders, Ethics, Public Policy 17th Edition by Lawrence & Weber, ISBN: 9781265079246, All 19 Chapters Covered, Verified...
Chapter 13: Shareholder Rights and Corporate Governance
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Chapter 14: Consumer Protection
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Chapter 15: Employees and the Corporation
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Chapter 16: Managing a Diverse Workforce
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Chapter 17: Business and Its Suppliers
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Chapter 18: The Community and the Corporation
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Chapter 19: Managing the Public and the Corporate Reputation
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,Chapter 1: The Corporation and Its Stakeholders
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Answers are at the end of Each chapter
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Student name: LD LD
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
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1) A business is any organization that is engaged in making a product or providing a
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service fora profit.
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2) The term stakeholder refers exclusively to the founders of a business organization
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.
⊚ L D true
⊚ L D false
3) Businesses and society are independent of each other.
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⊚ true L D
⊚ false L D
4) The stakeholder theory of the firm argues that a firm’s sole purpose is to cre
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ate long-termvalue for its shareholders.
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⊚ true L D
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5) The instrumental argument for the stakeholder theory of the firm says tha
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t companiesperform better if they consider the rights and concerns of mul
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tiple groups in society.
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6) The normative argument for the stakeholder theory of the firm says that the sta
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keholder viewis simply a more realistic description of how companies really work
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.
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, 7) Nonmarket stakeholders are those that engage in economic transactions with th
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e company asit carries out its primary purpose of providing society with goods a
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nd services.
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8) Market stakeholders include nongovernmental organizations and business support g
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roups.
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9) Government can be considered both a market and a nonmarket stakeholder.
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⊚ true L D
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10) The interests of different stakeholders often coincide.
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11) The first step of stakeholder analysis is to identify relevant stakeholders.
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⊚ true L D
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12) Some scholars have suggested that managers pay the most attention to
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stakeholderspossessing the least salience.
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13) The organization of a corporation’s boundary-spanning functions is complex.
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⊚ true L D
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14) Businesses are increasingly trying to meet their commitments to multiple stakehol
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ders.
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15) The external environment of business is static.
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⊚ true L D
⊚ false L D
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