An Analysis of Market Failure and Government Failure Indicates

question 180

Multiple Choice

An analysis of market failure and government failure indicates

• A) government decision making is always preferable to using markets.
• B) market decision making is always preferable to public-sector action.
• C) government action is necessary whenever market failure occurs.
• D) both the market and the government may fail to meet conditions of economic efficiency; in each individual case, the choice of market or public-sector action requires careful evaluation.

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Definitions:

Corporate Culture

The shared values, beliefs, and practices that shape the social and psychological environment of a business organization.

Mission Statement

A short written declaration of an organization's core purpose and focus, that remains unchanged over time.

Core Values

Fundamental beliefs or guiding principles that dictate the behavior and action of an organization or individual.

Socialization Process

The process by which individuals learn and adopt the norms, values, behaviors, and social skills appropriate to their society.