Economists (Particularly Public Choice Theorists) Point Out That the Political

question 136

Multiple Choice

Economists (particularly public choice theorists) point out that the political process

• A) differs from the marketplace in that voters and congressional representatives often face limited and bundled choices.
• B) is less prone to failure than is the marketplace.
• C) is a much fairer way to allocate society's scarce resources than is the impersonal marketplace, which is dominated by high-income consumers.
• D) involves logrolling, which is always inefficient.

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Definitions:

Supervisory Direction

Guidance and oversight provided by supervisors to ensure tasks and activities are completed according to organizational standards.

Assembly Plant

A manufacturing facility where various components of a product are put together to form a final product.

Contingency Approach

A management theory that suggests the best way to manage an organization depends on the specific circumstances of the situation.

Organizational Design

The process of structuring an organization's roles, responsibilities, and resources to achieve its goals efficiently.