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Chapter 01 - The Corporation and Its Stakeholders True/False 1. Walmart has been called a “template for 21st century capitalism.” Answer: T Page: 3 2. A business is any organization that is engaged in making a product or providing a service for a profit. Answer: T Page: 4 3. Businesses and society are independent of one another. Answer: F Page: 4 4. The stakeholder theory of the firm argues that a firm’s sole purpose is to create value for its shareholders. Answer: F Page: 6 5. The instrumental argument for the stakeholder theory of the firm says that companies perform better if they consider the rights and concerns of multiple groups in society. Answer: T Page: 6 6. The normative argument for the stakeholder theory of the firm says that the stakeholder view is simply a more realistic description of how companies really work. Answer: F Page: 7 7. Nonmarket stakeholders are those that engage in economic transactions with the company as it carries out its primary purpose of providing society with goods and services. Answer: F Page: 8 8. Market stakeholders include nongovernmental organizations and the media. Answer: F Page: 8 9. Government can be considered both a market and nonmarket stakeholder. Answer: T Page: 10 10. The interests of different stakeholders often coincide. Answer: T Page: 14 11. Stakeholders involved with one part of a company often may have little or no involvement with another part of the company. Answer: T 1-1 © 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. ch2 1.General Motors has been called a "template for 21st century capitalism." True False 2.A business is any organization that is engaged in making a product or providing a service for a profit. True False 3.Businesses and society are independent of one another. True False 4. The stakeholder theory of the firm argues that a firm's sole purpose is to create value for its shareholders. True False 5.The instrumental argument for the stakeholder theory of the firm says that companies perform better if they consider the rights and concerns of multiple groups in society. True False 6.Under the European Union's harmonization statues, managers are permitted to take into account the interests of the government, but not customers or employees. True False 7.Strong relationships between a corporation and its stakeholders are assets that add value. True False 8.Stakeholders can exercise direct political power by urging elected officials to pass legislation. True False 9.Each stakeholder group has only one source of power in relation to a firm. True False 10.The interests of different stakeholders often coincide. True False 11.Stakeholders involved with one part of a company often may have little or no involvement with another part of the company. True False 12.Companies with a reactive relationship with stakeholders make decisions unilaterally, without taking into consideration their impact on others. True False Which one of the following is considered to be a nonmarket stakeholder of business quizlet?Which one of the following is considered to be a nonmarket stakeholder of business? Customers.
Which of the following is considered a business stakeholder?A stakeholder has a vested interest in a company and can either affect or be affected by a business' operations and performance. Typical stakeholders are investors, employees, customers, suppliers, communities, governments, or trade associations.
How do corporations that run their operations according to the stakeholder theory of the firm create value?Corporations that run their operations according to the stakeholder theory of the firm create value by: Developing their employees' professional skills.
Which of the following are considered stakeholders of a firm quizlet?- main stakeholders: the owners of the business (shareholders), managers, employees, customers, suppliers, investors, competitors, the local community and the government. - are members of the organization. - consist of employees, shareholders (who own the business), managers and the directors of the organization.
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Stakeholders have been able to form international coalitions more successfully through use of:
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