The Sustainability Development Quiz

1.

The continuum of sustainability includes slow-cycle resources sustainable because they are shielded by: (Wheelen & Hunger, pg. 141, 2010)

A.

Geography
B.

Strong brand names
C.

Parents
D.

All of the above

Correct Answer
D. All of the above

Explanation
The correct answer is "All of the above". The continuum of sustainability includes slow-cycle resources that are sustainable because they are shielded by geography, strong brand names, and parents. This means that these resources are able to maintain their sustainability over time due to factors such as their location, reputation, and support from parents.

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2.

For a corporation to be sustainable over a long period of time, it must satisfy the following: (click all that apply) (Wheelen & Hunger, pg.75, 2010)

A.

Economic
B.

Ethical
C.

Legal
D.

Financial

Correct Answer(s)
A. Economic
B. Ethical
C. Legal

Explanation
A corporation needs to satisfy the economic aspect to ensure it is profitable and financially stable. This involves generating revenue, managing costs, and ensuring long-term financial sustainability. Additionally, the corporation must also adhere to ethical standards to maintain a positive reputation and gain the trust of its stakeholders. This includes acting responsibly towards employees, customers, and the environment. Lastly, the corporation must comply with legal requirements and regulations to avoid legal issues and penalties. By satisfying these three aspects - economic, ethical, and legal - a corporation can ensure its long-term sustainability.

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3.

Social sustainability includes which of the following? (Wheelen & Hunger, pg. 76, 2010)

A.

Supply chain management
B.

Corporate governance
C.

Corporate citizenship
D.

Environmental reporting

Correct Answer
C. Corporate citizenship

Explanation
Social sustainability refers to the responsibility of a company to contribute positively to society. Corporate citizenship is a key aspect of social sustainability as it involves companies actively engaging in activities that benefit communities and stakeholders. This can include philanthropy, volunteerism, and ethical business practices. By practicing corporate citizenship, companies can help address social issues, promote equality, and enhance their reputation as socially responsible organizations.

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4.

Q4. Climate change and increasing costs associated with it are a growing concern for many companies. Swiss Re, is the 2^nd largest reinsurer in the world, they estimate that the overall economic costs of climate catastrophes related to climate change threatens to double to $150 billion per year by 2014, True or false? (Wheelen & Hunger, pg. 10, 2010)

A.

True
B.

False

Correct Answer
A. True

Explanation
The given statement is true. Swiss Re, the 2nd largest reinsurer in the world, estimates that the overall economic costs of climate catastrophes related to climate change will double to $150 billion per year by 2014. This indicates that climate change and its associated costs are indeed a growing concern for many companies.

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5.

The concept of social responsibility proposes that a private corporation has responsibilities to society that extend beyond making a profit. What are Archie Carroll’s four responsibilities of business (pg. 73)?

A.

Legal, financial, economic, and ethical
B.

Shareholder, economic, legal, and ethical
C.

Legal, ethical, economic, and discretionary
D.

Charity, economic, ethical, and legal

Correct Answer
C. Legal, ethical, economic, and discretionary

Explanation
Archie Carroll's four responsibilities of business are legal, ethical, economic, and discretionary. These responsibilities suggest that a private corporation should not only abide by the law but also act ethically, fulfill its economic obligations, and go beyond these requirements by voluntarily contributing to society. The term "discretionary" refers to the voluntary actions taken by a business that are not mandated by law or regulations but are seen as socially responsible. Therefore, the correct answer is legal, ethical, economic, and discretionary.

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6.

Having the right marketing mix helps companies maintain suitability. In order to maintain a competitive advantage, business firm’s use four variables called the four P’s, what are they? (Wheelen & Hunger, pg.151, 2010)

A.

People, promotion, price, and product
B.

Plans, people, price, and product
C.

Place, product, promotion, and price
D.

Product, policies, promotion, and price

Correct Answer
C. Place, product, promotion, and price

Explanation
The four variables that help companies maintain suitability and a competitive advantage are place, product, promotion, and price. These variables, also known as the four P's of marketing, are essential for developing and implementing effective marketing strategies. Place refers to the distribution channels and locations where the product is made available to customers. Product refers to the goods or services being offered. Promotion involves the marketing communication and activities used to promote the product. Price refers to the pricing strategy and the value assigned to the product.

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7.

Transparency can best be defined as: (Choose the best option) (Wheelen & Hunger, pg. 140, 2010)

A.

The speed with which other firms can understand the relationship of the law and establishing a code of ethics in the workplace
B.

The speed with which other firms can understand the relationship of resources and capabilities supporting a successful firm’s strategy
C.

The speed with which other firms can understand the relationship of the law and ethical business decisions
D.

The speed with which other firms can understand the relationship of shareholder responsibility and the law

Correct Answer
B. The speed with which other firms can understand the relationship of resources and capabilities supporting a successful firm’s strategy

8.

Environmental sustainability includes the following: (Wheelen & Hunger, pg. 76, 2010)

A.

Environmental reporting
B.

Eco-design and efficiencies
C.

Environmental management systems
D.

Executive commitments

Correct Answer(s)
A. Environmental reporting
B. Eco-design and efficiencies
C. Environmental management systems
D. Executive commitments

Explanation
Environmental sustainability encompasses several key components, as mentioned in the given options. Executive commitments refer to the dedication and involvement of top-level management in promoting and implementing sustainable practices. Eco-design and efficiencies involve designing products and processes that minimize environmental impact and maximize resource efficiency. Environmental management systems are frameworks that organizations use to identify and manage their environmental impacts. Lastly, environmental reporting involves the transparent and accurate communication of an organization's environmental performance. These four elements together contribute to achieving and maintaining environmental sustainability.

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9.

Which of the following is a common criticism of the concept of "sustainable development"?

A.

It is too focused on environmental protection at the expense of economic growth.
B.

It is a vague and ill-defined concept that is difficult to implement in practice.
C.

It fails to address the root causes of poverty and inequality.
D.

It is overly reliant on technological solutions to environmental problems.

Correct Answer
B. It is a vague and ill-defined concept that is difficult to implement in practice.

Explanation
While sustainable development is a widely accepted goal, one common criticism is that it lacks a clear and universally agreed-upon definition. This can make it difficult to measure progress and to develop concrete strategies for achieving sustainability. Critics argue that the concept is often used rhetorically without a clear understanding of what it entails in practice.

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10.

Which of the following best describes economic sustainability? (Wheelen & Hunger, pg. 76, 2010)

A.

Investments with internal technology
B.

Focusing sales to market needs
C.

Anti- corruption policies
D.

Corporate citizenship

Correct Answer
C. Anti- corruption policies

Explanation
Economic sustainability refers to the ability of a company or economy to maintain long-term growth and stability. Anti-corruption policies are essential for economic sustainability as they promote transparency, accountability, and fair business practices. By preventing corruption, companies can ensure a level playing field, attract investments, build trust, and foster a favorable business environment. This ultimately contributes to the overall economic growth and sustainability of the organization or economy.

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