Economists (Particularly Public Choice Theorists)point Out That the Political Process

question 49

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:

Nonmanufacturing Settings

Environments or situations relating to business operations that do not involve the production of goods.

Standards

Established norms or requirements in various fields that act as a basis for comparison, quality measures, or regulations.

Principle Of Exceptions

A management principle emphasizing attention and resources on areas that deviate from the norm or expected results.

Standard Costs

Predetermined costs for products or services used to measure against actual costs for performance management and budgeting.