Discuss the notion of social responsibility. What does it mean for corporations?
What will be an ideal response?
Ans: Social responsibility is one of the most common ethical issues in business and it refers to the idea that businesspeople should consider the social consequences of economic actions when making business decisions and that there should be a presumption in favor of decisions that have both good economic and social consequence. Managers have stated they have a moral obligation to use their power to enhance social welfare in the communities where they do business. However, the Friedman Doctrine states that the only social responsibility of business is toincrease profits as long as they stay within the rules of the law.
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Why is the replacement cost appraisal approach generally easier to apply to a new property than an old property?
a. Historic costs are hard to obtain and verify for older properties. b. It is difficult to value the land on which the property is situated. c. Depreciation is more difficult to estimate on an older property. d. Different building codes may have been in effect when an older property was built.
Which of the following is an advantage of having a high perceived quality?
A) It reduces the cost of sales. B) It supports higher pricing of the products. C) It hardly requires any expenditure toward promotion. D) It reduces the dependency on intermediaries.