1. Whichofthefollowingwouldbeaviolationofmanagement'sfiduciary responsibilitytoitsshareholders?
   1. Management undertakes a project that turns out to be a loser, even thoughtheyhad concludeditwasapositive-NPVproject beforetheyundertookit.
   2. In its efforts to expand internationally, which it believes will enable it toincrease its profitability, a cable company lays cables throughout a third world country, only to have its underground assets expropriated by thegovernmentofthatcountry.
   3. Management agrees to acquirea small firm that is ownedby one of itsboard members and that manufactures a product that is similar to its ownproduct line, basing its decision on that member's NPV analysis of hisbusiness.
   4. Alloftheabovewillerodeshareholderswealthandare,therefore,violationsofmanagement'sfiduciary responsibilitytoitsshareholders.