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Exam 3: Ethics in Business

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Question 21

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Caryn is faced with making a business decision. As she thinks about the problem, she feels that there is no easy answer. She continues to think about what is making her uncomfortable about the situation before brainstorming possible solutions. If Caryn is using the IDDR approach to decision making, she is engaged in

A) the discussion step.
B) the decision step.
C) the inquiry step.
D) the review step.

E) B) and C)
F) All of the above

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Question 22

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Frances, an executive with GMO Seed & Feed, Inc., has to decide whether to market a product that could offer substantial benefits but might also have potentially serious side effects for a small percentage of users. Using the different ethical philosophies discussed, analyze the decision.

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When a corporate executive has to decide...

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Question 23

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Global businesses need to be conscious of the impact of different religious principles on ethics.

Once a law is passed to codify an ethical requirement, the ethical aspect of the action is no longer important.

Recreation & Sports Equipment Corporation sells a profit-generating product that is capable of seriously injuring consumers who misuse it in a foreseeable way. They are contemplating adding a warning to the product but that warning will increase the cost of the product and they are worried that it may scare some potential customers who might not buy the product. Thinking about the two main theories of the role of business in society, discuss whether Recreation & Sports Equipment Corporation behaves ethically by continuing to sell the product without warning.

Compliance with the law is not always sufficient to determine "right" behavior because

ChemCo Inc. expends funds and takes steps to ensure that all employees are treated fairly and that the environmental impact of the corporation is minimal. This is the concept of

Decision makers need to consider what they can and will do before they consider what they should do.

According to the theory of corporate social responsibility, any decision by the management of Precision Processing Corporation should consider how a proposed action may affect only the

A cost-benefit analysis is part of

When adopting duty-based ethics, corporations often demonstrate the duties they owe

Ethics has to do with how a businessperson making business decisions applies

Duty-based ethical standards are most likely to derive from

Corporate social responsibility links the responsibility of citizenship with the strategy and key principles of a business.

To avoid unethical practices by a foreign supplier, an effective business practice is to

Product Sales Inc. adheres strictly to the goal of maximizing profits. Even so, Product Sales will benefit from ethical behavior

Corporate "citizenship" involves making decisions beyond just maximizing profits and dividends.

Once a company has investigated any foreign suppliers, it is unnecessary to continue to monitor those suppliers.

The term moral minimum is best defined as the highest degree of ethical behavior expected of a firm.

With respect to what society will tolerate, a company's compliance with the law, and no more, is