Final answer:
Social responsibility is true in the context of business, where companies have an obligation to protect and improve the welfare of society and their own organization.
Step-by-step explanation:
In the context of business, the statement that social responsibility is the managerial obligation to take action that protects and improves both the welfare of society and the interests of the organization is true.
Many businesses today recognize the importance of considering not only their profits but also the impact they have on society. This concept of social responsibility goes beyond financial gain and includes ethical considerations, environmental stewardship, and philanthropy.
For example, a company may implement sustainable practices to reduce their carbon footprint, donate to charitable causes, or ensure fair treatment of employees. By doing so, they demonstrate a commitment to not only their own success but also the well-being of the communities in which they operate.