Which of the following correctly lists the four levels of social responsibility as discussed in economics?

• A. Profit, competition, innovation, and regulation
• B. Production, consumption, distribution, and exchange
• C. Economic, legal, ethical, and philanthropic responsibilities
• D. Efficiency, equity, sustainability, and growth

Answer: (C)

Verified step by step guidance

1. Understand that the question is about the four levels of social responsibility in economics, which describe the different obligations a business has to society.
2. Recall that these levels typically include Economic responsibility (being profitable), Legal responsibility (obeying laws), Ethical responsibility (doing what is right beyond legal requirements), and Philanthropic responsibility (contributing to the community).
3. Review each option and identify which one matches these four categories exactly.
4. Recognize that the correct list is Economic, legal, ethical, and philanthropic responsibilities, as it aligns with the standard framework taught in microeconomics and business ethics.
5. Conclude that the other options refer to different economic concepts such as market functions, economic goals, or business activities, not the levels of social responsibility.