Social Responsibiity- Chapter 4

OSHA, which stands for Occupational Safety and Health Administration, is indeed a federal agency that regulates workplace safety standards. It was created to ensure safe and healthy working conditions for employees by setting and enforcing standards, providing training, and conducting inspections. OSHA's regulations cover a wide range of industries and workplaces, including manufacturing, construction, healthcare, and more. By enforcing these standards, OSHA helps to protect workers from hazards and reduce the risk of accidents, injuries, and illnesses in the workplace.

A monopoly refers to a situation where a single business or entity has exclusive control over the market for a particular product or service. This means that there are no direct competitors in the market, allowing the monopolistic business to dictate prices, control supply, and potentially exploit consumers. Therefore, the statement "A monopoly exists when a business has control of the market for a product or service" is true, as it accurately describes the concept of a monopoly.

A trademark is a distinctive word, letter, or symbol that is associated with a particular company or product. It serves as a unique identifier, helping consumers to recognize and differentiate the company or product from others in the market. By registering a trademark, a company gains exclusive rights to use that mark and can prevent others from using it without permission. Therefore, the statement that a trademark is a word, letter, or symbol linked with a specific company or product is true.

Ethics refers to the principles or rules of conduct that guide individuals in making moral decisions. It encompasses the study of what is right or wrong, good or bad, and how individuals should behave in various situations. Therefore, the statement that principles of morality or rules of conduct are called ethics is true. Ethics provides a framework for individuals to evaluate their actions and make ethical choices, considering the impact on themselves and others.

Government income is referred to as revenue because it includes all the money that the government receives from various sources such as taxes, fees, fines, and other forms of income. This revenue is then used by the government to fund its operations, provide public services, and implement policies and programs for the welfare of its citizens. Therefore, it is correct to say that government income is called revenue.

The statement is false because the US government does play a major role in the American economy. The government has various responsibilities and interventions that directly impact the economy, such as fiscal policies, monetary policies, regulation of industries, taxation, and providing public goods and services. Additionally, the government also plays a role in promoting economic growth, stability, and addressing issues like unemployment and inflation. Therefore, it is incorrect to say that the US government does not play a major role in the American economy.

Pollution refers to the condition when the environment becomes contaminated or dirtied by the by-products of human activities. It occurs when harmful substances such as chemicals, pollutants, or waste materials are released into the air, water, or soil, causing harm to the ecosystem and living organisms. This contamination can have detrimental effects on the environment, including air pollution, water pollution, soil pollution, and noise pollution. Therefore, pollution is the correct answer as it best describes the situation when the environment is tainted with the by-products of human action.

A set of rules guiding the actions of employees is called a code of ethics. This code outlines the moral and ethical standards that employees should adhere to in their professional conduct. It helps guide decision-making, promotes integrity, and ensures consistency in behavior within an organization. A code of ethics serves as a framework for employees to make ethical choices and maintain the organization's values and reputation.

Conservation refers to the practice of using resources efficiently and responsibly to ensure their long-term availability. It involves the protection and preservation of natural resources, such as water, forests, and wildlife, to prevent their depletion or extinction. Conservation aims to maintain ecological balance, promote sustainability, and minimize waste. Therefore, the term "conservation" is the most suitable choice in the context of saving scarce natural resources.

Copyright is a legal protection that safeguards the original work of authors, composers, and artists. It grants exclusive rights to the creators, allowing them to control the use and distribution of their work. This protection ensures that others cannot copy, reproduce, or distribute the creative work without permission, thereby protecting the interests and financial rights of the creators.

The correct answer is "conditions of work" because clauses in labor contracts that pertain to employee health and safety while on the job are directly related to the conditions in which employees work. These clauses outline the rights and protections that employees have in terms of their working environment, including things like safety protocols, protective equipment, and measures to prevent workplace accidents or hazards. By including these clauses in labor contracts, employers are ensuring that the conditions of work are conducive to employee health and safety.

Anti-trust laws are regulations put in place by the government to prevent the formation of monopolies and promote fair competition in the market. These laws aim to protect consumers and ensure that no single company or group of companies has excessive control over a particular industry. By enforcing anti-trust laws, the government can prevent unfair business practices such as price-fixing, collusion, and the abuse of market dominance. This helps to maintain a level playing field for businesses and encourages innovation, economic growth, and consumer choice.

Income tax is the correct answer because it refers to the tax levied on the money earned at a job. It is a tax imposed by the government on individuals and businesses based on their income or profits. This tax is deducted from the earnings of individuals and is used to fund various government programs and services.

Sales tax is a tax levied on goods and services that is collected by the seller. This means that when a customer purchases a product or service, the seller adds an additional amount to the price as tax, which is then collected by the seller and remitted to the government. Sales tax is commonly applied to retail transactions and varies depending on the jurisdiction. It is different from income tax, which is based on an individual's earnings, and property tax, which is based on the value of a property. Unemployment tax is a tax paid by employers to fund unemployment benefits for workers.

A contract is an agreement where two or more parties agree to exchange goods or services in return for something of value. It outlines the terms and conditions of the exchange, including the responsibilities and obligations of each party involved. Contracts are legally binding and enforceable, providing a framework for resolving any disputes or conflicts that may arise during the course of the agreement.

Property tax is a tax levied on the value of land and buildings. It is a form of taxation imposed by local governments to generate revenue for public services such as schools, roads, and public safety. Property taxes are typically calculated based on the assessed value of the property and are paid by the property owner. This tax is different from sales tax, which is imposed on the purchase of goods and services, and from gift and estate taxes, which are levied on the transfer of assets.

Copyright protection lasts for the life of the copyright holder, plus 70 years after their death. This means that the copyright holder has exclusive rights to their work during their lifetime, and after their death, their rights are passed on to their heirs or assigned to a specific entity for a period of 70 years. This ensures that the creator's work is protected and that they or their beneficiaries can benefit from it for a significant period of time.

A patent gives the inventor exclusive rights to produce, use, or sell an invention for a period of 17 years. Unlike copyrights, which protect original works of authorship, patents protect new and useful inventions. This means that during the 17-year period, no one else can make, use, or sell the patented item without the inventor's permission. Patents are granted by the government to encourage innovation and provide inventors with a period of exclusivity to recoup their investment and profit from their invention.

The state, local, and federal government is the single largest employer in the US economy because it encompasses various sectors such as education, healthcare, law enforcement, and administration. These government entities employ a large number of people at different levels, from federal agencies to local municipalities. The government's role in providing essential public services and maintaining infrastructure requires a significant workforce, making it the largest employer in the country.

Lumber is not a non-renewable resource because it comes from trees, which can be replanted and grown again. This means that as long as there is proper management and sustainable practices in place, the supply of lumber can be replenished over time. Therefore, the statement that lumber is a non-renewable resource is false.

The statement is false because most goods and services are not provided by the US government. In fact, the majority of goods and services are provided by private businesses and individuals in the United States. While the government does provide some goods and services, such as public education and national defense, it is not the primary provider of most goods and services in the country.

Interstate commerce refers to business transactions and trade activities that occur between companies located in different states. It involves the movement of goods, services, and resources across state borders. This term is used to differentiate from intrastate commerce, which refers to business activities that take place within a single state. The concept of interstate commerce is important because it falls under the jurisdiction of federal laws and regulations, as opposed to state laws.

Workplace diversity refers to the inclusion and acceptance of individuals from various backgrounds, including gender, race, age, and physical abilities. By removing workplace barriers for women and accommodating physically challenged employees, a business is promoting diversity and creating an inclusive environment. This not only fosters a sense of equality and fairness but also encourages different perspectives and ideas, leading to innovation and better problem-solving. Ultimately, promoting workplace diversity contributes to a more harmonious and productive work environment.

A computer is not an example of intellectual property because intellectual property refers to creations of the mind such as inventions, literary and artistic works, and symbols, names, and images used in commerce. A computer is a physical object that can be owned and protected by other forms of property rights, such as tangible property rights. Therefore, the statement is false.

Intrastate commerce refers to business transactions that occur within the boundaries of a single state. This means that the companies involved in these dealings operate and conduct their business activities exclusively within one state. Unlike interstate commerce, which involves transactions between companies in different states, intrastate commerce is limited to a single state's jurisdiction. Therefore, the correct answer in this case is intrastate commerce, as it accurately describes business dealings involving companies that operate within only one state.

The government is primarily concerned with raising revenue through taxes and other means, as well as buying goods and services for public use. Additionally, they regulate utilities to ensure fair and efficient provision of essential services. However, hiring private sector workers is not a primary concern of the government, as their focus is on providing public services rather than directly employing individuals in the private sector.

A public utility refers to an organization or company that provides essential services to the public, such as electricity, water, or gas. These services are considered vital for the functioning and well-being of society. In this case, an electric company fits the definition of a public utility as it supplies electricity to the general public. The other options mentioned, such as a professional baseball team, fire department, and insurance company, do not fall under the category of public utilities as they do not provide essential services to the public in the same way.

This statement is false because not all public utility companies are owned and operated by state governments. While some public utility companies may be owned and operated by state governments, there are also many that are privately owned and operated. Therefore, it is incorrect to say that all public utility companies are owned and operated by state governments.

Contracts must be for a product or service that can be legally sold in order to be valid. This means that the subject matter of the contract must not be illegal or against public policy. If the contract involves selling something that is prohibited by law, such as drugs or stolen goods, it would not be considered a valid contract. The legality of the product or service is an essential requirement for the validity of a contract.

The given answer states that the money spent for a wellness program may reduce company profits. This means that investing in employee wellness can have a negative impact on the financial performance of the company. However, the other options mentioned in the question - enhanced company image, reduced need for government regulations, and improved quality of life - are all benefits of socially responsible activities. Therefore, the correct answer is the option that does not align with the positive outcomes of socially responsible actions, which is the potential reduction in company profits due to wellness program expenses.