Multiple choice questions (4 points each) 12. The "agency problem" occurs when there is a division between: a. Ownership and employees. b. Ownership and management. c. Management and stakeholders. d. Board members and the CEO. 13. In a corporation, the shareholder's interest is represented by: a. its employees. b. its stakeholders. c. its board of directors. d. its management. 14. According to the stakeholder model, "primary stakeholders" of a business are: a. customers, employees, special interest groups, and government agencies. b. customers, employees, investors, and government agencies