Which of the following is an INCORRECT statement regarding law and ethics?
1) The law establishes a minimum degree of conduct expected by persons and businesses in society.
2) Not all ethical standards have been enacted as law.
3) Ethics demands more than the minimum degree of conduct expected by persons and businesses in society.
4) Businesses organized in the United States are not subject to the laws of other countries in which they operate.
5) Most laws are based on ethical standards.