Who is credited with the statement, "The business of business is business"?

Multiple choice question for Basic of Economics. Select an option, then review the explanation below.

Explanation

The phrase "The business of business is business" is famously attributed to economist Milton Friedman, who emphasized that the primary responsibility of a business is to maximize profits within the rules of the game.

Practice related questions from the same subject.

1.Which of the following best describes deflation?
2.Under what condition can two nations benefit from engaging in international trade?
3.Which of the following represents a legitimate form of currency?
4.Which political ideology is best summarized by the phrase, "From each according to his ability, to each according to his needs"?
5.Which type of currency experiences a decline in its exchange rate due to a continuous balance of payments deficit?

Who is credited with the statement, "The business of business is business"?

Explanation

More Basic of Economics MCQs