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Business and Society: Stakeholders, Ethics, Public Policy – 17th Edition by Anne Lawrence, Complete Test Bank

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This document contains the full test bank for the 17th edition of Business and Society: Stakeholders, Ethics, Public Policy by Anne Lawrence. It features a wide range of questions with detailed answers that cover essential themes such as corporate social responsibility, stakeholder theory, ethical decision-making, and the interaction between business and public policy. A valuable resource for students of business ethics and corporate governance. This document contains the full test bank for the 17th edition of Business and Society: Stakeholders, Ethics, Public Policy by Anne Lawrence. It features a wide range of questions with detailed answers that cover essential themes such as corporate social responsibility, stakeholder theory, ethical decision-making, and the interaction between business and public policy. A valuable resource for students of business ethics and corporate governance. This document contains the full test bank for the 17th edition of Business and Society: Stakeholders, Ethics, Public Policy by Anne Lawrence. It features a wide range of questions with detailed answers that cover essential themes such as corporate social responsibility, stakeholder theory, ethical decision-making, and the interaction between business and public policy. A valuable resource for students of business ethics and corporate governance. This document contains the full test bank for the 17th edition of Business and Society: Stakeholders, Ethics, Public Policy by Anne Lawrence. It features a wide range of questions with detailed answers that cover essential themes such as corporate social responsibility, stakeholder theory, ethical decision-making, and the interaction between business and public policy. A valuable resource for students of business ethics and corporate governance. This document contains the full test bank for the 17th edition of Business and Society: Stakeholders, Ethics, Public Policy by Anne Lawrence. It features a wide range of questions with detailed answers that cover essential themes such as corporate social responsibility, stakeholder theory, ethical decision-making, and the interaction between business and public policy. A valuable resource for students of business ethics and corporate governance. This document contains the full test bank for the 17th edition of Business and Society: Stakeholders, Ethics, Public Policy by Anne Lawrence. It features a wide range of questions with detailed answers that cover essential themes such as corporate social responsibility, stakeholder theory, ethical decision-making, and the interaction between business and public policy. A valuable resource for students of business ethics and corporate governance. This document contains the full test bank for the 17th edition of Business and Society: Stakeholders, Ethics, Public Policy by Anne Lawrence. It features a wide range of questions with detailed answers that cover essential themes such as corporate social responsibility, stakeholder theory, ethical decision-making, and the interaction between business and public policy. A valuable resource for students of business ethics and corporate governance. This document contains the full test bank for the 17th edition of Business and Society: Stakeholders, Ethics, Public Policy by Anne Lawrence. It features a wide range of questions with detailed answers that cover essential themes such as corporate social responsibility, stakeholder theory, ethical decision-making, and the interaction between business and public policy. A valuable resource for students of business ethics and corporate governance. This document contains the full test bank for the 17th edition of Business and Society: Stakeholders, Ethics, Public Policy by Anne Lawrence. It features a wide range of questions with detailed answers that cover essential themes such as corporate social responsibility, stakeholder theory, ethical decision-making, and the interaction between business and public policy. A valuable resource for students of business ethics and corporate governance.

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Institution
Business And Society: Stakeholders, Ethics, Public
Course
Business and Society: Stakeholders, Ethics, Public

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TEST BANK FOR I l` I l`




Business and Society Stakeholders Ethics Public Policy 17th Edition By Anne
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




Lawrence
Il̀




Chapter 1-19 Answers are at the end of Each chapterChapter 1
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il̀ Il`




Student name: Il` Il`




TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




1) A business is any organization that is engaged in making a product or providing a service fora
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il̀




profit.
Il`




⊚ true I l `




⊚ false I l `




2) The term stakeholder refers exclusively to the founders of a business organization.
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




⊚ true I l `




⊚ false I l `




3) Businesses and society are independent of each other. Il` Il` Il` Il` Il` Il` Il`




⊚ true I l `




⊚ false I l `




4) The stakeholder theory of the firm argues that a firm’s sole purpose is to create long-term
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




value for its shareholders.
Il̀ Il` Il` Il`




⊚ true I l `




⊚ false I l `




5) The instrumental argument for the stakeholder theory of the firm says that companies
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




perform better if they consider the rights and concerns of multiple groups in society.
Il̀ Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




⊚ true I l `




⊚ false I l `




6) The normative argument for the stakeholder theory of the firm says that the stakeholder viewis
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il̀




Il` simply a more realistic description of how companies really work.
Il` Il` Il` Il` Il` Il` Il` Il` Il`




⊚ true I l `




⊚ false I l `

,7) Nonmarket stakeholders are those that engage in economic transactions with the company asit
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il̀




Il` carries out its primary purpose of providing society with goods and services.
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




⊚ true I l `




⊚ falseI l `




8) Market stakeholders include nongovernmental organizations and business support groups.
Il` Il` Il` Il` Il` Il` Il` Il`




⊚ true I l `




⊚ false I l `




9) Government can be considered both a market and a nonmarket stakeholder.
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




⊚ true I l `




⊚ false I l `




10) The interests of different stakeholders often coincide.
Il` Il` Il` Il` Il` Il`




⊚ true I l `




⊚ false I l `




11) The first step of stakeholder analysis is to identify relevant stakeholders.
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




⊚ true I l `




⊚ false I l `




12) Some scholars have suggested that managers pay the most attention to stakeholders
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




possessing the least salience.
Il̀ Il` Il` Il`




⊚ true I l `




⊚ false I l `




13) The organization of a corporation’s boundary-spanning functions is complex.
Il` Il` Il` Il` Il` Il` Il` Il`




⊚ true I l `




⊚ false I l `




14) Businesses are increasingly trying to meet their commitments to multiple stakeholders.
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




⊚ true I l `




⊚ false I l `




15) The external environment of business is static.
Il` Il` Il` Il` Il` Il`




⊚ true I l `




⊚ false I l `

,MULTIPLE CHOICE - Choose the one alternative that best completes the statement or
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




answers the question.
Il̀ Il` Il`




16) The relationship between business and society is most accurately described by which
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




statement?
Il̀




A) Business is an unbounded entity within the larger bounded entity of society. Il` Il` Il` Il` Il` Il` Il` Il` Il ` Il` Il`




B) Society is a distinct bounded entity within the larger bounded entity of business.
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




C) Business is a distinct bounded entity separate from the bounded entity of society. Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




D) Business is a distinct bounded entity within the larger bounded entity of society. Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




17) According to general systems theory, boundary exchanges are exemplified by which of the
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




following?
Il̀




A) An industrial company installs new equipment in its plant to comply with
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




environmental regulations.
Il̀ Il`




B) A software company develops an application for a client.
Il` Il` Il` Il` Il` Il` Il` Il`




C) A purchasing department employee negotiates a price on parts with a supplier.
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




D) All of these choices are correct. Il` Il` Il` Il` Il`




18) The inseparable relationship between business and society results in which of the following?
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




A) All business decisions have a social impact. Il` Il` Il` Il` Il` Il`




B) The vitality of business depends on society's actions and attitudes.
Il` Il` Il` Il` Il` Il` Il` Il` Il`




C) The survival of business is independent of society. Il` Il` Il` Il` Il` Il` Il`




D) Both “All business decisions have a social impact” and “The vitality of business
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




depends on society’s actions and attitudes” are correct.
Il̀ Il` Il` Il` Il` Il` I l` Il`




19) Which of the following statements is not true about the interactive social system?
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




A) Business and society need, as well as influence, each other. Il` Il` Il` Il` Il` Il` Il` Il` Il`




B) The boundary between business and society is clear and distinct.
Il` Il` Il` Il` Il` Il` Il` Il` Il`




C) Business is a part of society, and society penetrates far and often into business. Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




D) Business and society are both separate and connected. Il` Il` Il` Il` Il` Il` Il`




20) A firm subscribing to the shareholder theory of the firm would mainly be concerned with
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




providing long-term value for its
Il̀ Il` Il` Il` Il`




A) investors.
B) customers.
C) board of Directors. Il` Il`




D) community.

, 21) Corporations that follow the stakeholder theory of the firm create value by
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




A) constantly innovating new products. Il` Il` Il`




B) increasing their stock price. Il` Il` Il`




C) developing their employees’ skills. Il` Il` I l`




D) All of these choices are correct. Il` Il` Il` Il` Il`




22) Which argument says that stakeholder management realistically depicts how companies
Il` Il` Il` Il` Il` Il` Il` Il` Il`




really work?
Il̀ Il`




A) descriptive argument Il`




B) instrumental argument Il`




C) normative argument Il`




D) fiduciary argument Il`




23) The instrumental argument states that stakeholder management is
Il` Il` Il` Il` Il` Il` Il`




A) a more realistic description of how companies really work.
Il` Il` Il` Il` Il` Il` Il` Il`




B) more effective as a corporate strategy. Il` Il` Il` Il` Il`




C) simply the right thing to do. Il` Il` Il` Il` Il`




D) determined by the amount of stock issued. Il` Il` Il` Il` Il` Il`




24) The fiduciary duty of managers benefits a firm's
Il` Il` Il` Il` Il` Il` Il`




A) shareholders.
B) customers.
C) employees.
D) All of these choices are correct. Il` Il` Il` Il` Il`




25) The main reason a number of European countries require public companies to include
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




employee members on their boards of directors is that
Il̀ Il` Il` Il` Il` Il` Il` Il` Il`




A) the employees will be available to answer other board members' questions.
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`




B) management will not have to attend the meetings. Il` Il` Il` Il` Il` Il` Il`




C) employees' interests will be explicitly represented. Il` Il` Il` Il` Il̀




D) employees will have more power than any other stakeholder. Il` Il` Il` Il` Il` Il` Il` Il`




26) Stakeholder groups can include Il` Il` Il`




A) shareholders.
B) business support groups. Il` Il`




C) environmental activists. Il`




D) All of these choices are correct. Il` Il` Il` Il` Il`
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Anne T. Lawrence, James Weber, James E. Post Business and Society
  • 2004
  • 9780072986211
  • Unknown

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Institution
Business and Society: Stakeholders, Ethics, Public
Course
Business and Society: Stakeholders, Ethics, Public

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Uploaded on
June 26, 2025
Number of pages
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Written in
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Type
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Contains
Questions & answers

Subjects

  • business ethics stakeholder theory corporate respo
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