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Test: Social Environment - 2 - B Com MCQ


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10 Questions MCQ Test - Test: Social Environment - 2

Test: Social Environment - 2 for B Com 2024 is part of B Com preparation. The Test: Social Environment - 2 questions and answers have been prepared according to the B Com exam syllabus.The Test: Social Environment - 2 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Social Environment - 2 below.
Solutions of Test: Social Environment - 2 questions in English are available as part of our course for B Com & Test: Social Environment - 2 solutions in Hindi for B Com course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Social Environment - 2 | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study for B Com Exam | Download free PDF with solutions
Test: Social Environment - 2 - Question 1
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According to economist Milton Friedman, what is the one and only social responsibility of a business?

Detailed Solution for Test: Social Environment - 2 - Question 1
According to Milton Friedman, the one and only social responsibility of a business is to maximize its profits. He believed that a company should focus on earning as much money as possible for its stakeholders. This means that the primary goal of a business is to increase its financial gains rather than addressing societal concerns.
Test: Social Environment - 2 - Question 2
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According to John Mackey, the founder and CEO of Whole Foods, what should a modern company prioritize?

Detailed Solution for Test: Social Environment - 2 - Question 2
John Mackey believes that while profits are important, a modern company should prioritize putting the customer first. By focusing on customer happiness and creating value for all stakeholders, a company can build customer loyalty and potentially achieve greater long-term success.
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Test: Social Environment - 2 - Question 3
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What does the "shared value" model of business refer to?

Detailed Solution for Test: Social Environment - 2 - Question 3
The "shared value" model of business refers to the idea that companies can address society's needs and challenges while also increasing their profits. This model involves businesses and society working together to achieve economic success by serving societal needs in an efficient and profitable way.
Test: Social Environment - 2 - Question 4
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Which approach to social responsibility argues that companies should focus solely on earning profits?
Detailed Solution for Test: Social Environment - 2 - Question 4
The approach to social responsibility that argues companies should focus solely on earning profits is the "Increase the Profit" perspective. Economists like Milton Friedman believe that a company's primary responsibility is to maximize profits for its stakeholders, without any additional obligations towards society.
Test: Social Environment - 2 - Question 5
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According to the text, why do some companies believe that earning profits is the best way to be socially responsible?
Detailed Solution for Test: Social Environment - 2 - Question 5
Some companies believe that earning profits is the best way to be socially responsible because it can lead to job creation and business growth. When a company earns profits, it can invest back into the business, expanding or opening markets and potentially creating new jobs, goods, or services. This growth benefits both the company's stakeholders and the overall economy.
Test: Social Environment - 2 - Question 6
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What is the main focus of the "Put the Customer First" approach to social responsibility?
Detailed Solution for Test: Social Environment - 2 - Question 6
The main focus of the "Put the Customer First" approach to social responsibility is increasing customer happiness. While profits are important, this approach emphasizes that customer satisfaction should be an end in itself. By prioritizing customers and their needs, companies can potentially build loyal customer bases and achieve long-term success.
Test: Social Environment - 2 - Question 7
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What is the primary goal of the "shared value" business model?
Detailed Solution for Test: Social Environment - 2 - Question 7
The primary goal of the "shared value" business model is to address society's needs and challenges while also increasing profits. This model recognizes that businesses can achieve economic success by serving societal needs in an efficient and profitable way. By aligning their beliefs with the betterment of society, businesses can expand or open markets and serve new needs, benefiting both society and their investors.
Test: Social Environment - 2 - Question 8
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According to the text, why do companies believe that earning profits is essential for their stakeholders?
Detailed Solution for Test: Social Environment - 2 - Question 8
Companies believe that earning profits is essential for their stakeholders because it leads to job creation and business growth. When a company earns profits, it can invest back into the business, which can result in expanding operations, creating new jobs, and overall business growth. This growth benefits the stakeholders who have invested in the company and can potentially earn a greater return on their investment.
Test: Social Environment - 2 - Question 9
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What is the main argument of economist Milton Friedman regarding a company's social responsibility?
Detailed Solution for Test: Social Environment - 2 - Question 9
The main argument of economist Milton Friedman is that companies should focus solely on increasing profits. According to Friedman, the one and only social responsibility of a business is to maximize its profits, assuming there is an honest and open marketplace. He believes that companies do not bear any additional responsibility toward society beyond this goal.
Test: Social Environment - 2 - Question 10
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What does John Mackey believe is the key to a successful business?
Detailed Solution for Test: Social Environment - 2 - Question 10
According to John Mackey, the key to a successful business is increasing customer happiness. While profits are important, Mackey argues that putting the customer first and creating value for all stakeholders is crucial. By prioritizing customer satisfaction, companies can potentially build loyal customer bases, leading to greater long-term success.
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