Based on Our Study of Market Failure and Government Failure

question 73

Multiple Choice

Based on our study of market failure and government failure, the main conclusion that one should arrive at is that

• A)the market system is highly vulnerable to imperfections, and therefore the socialist system is a much better system to adopt.
• B)the government has much imperfection and creates a lot of inefficiencies; therefore, it is best to adopt a pure market system.
• C)it is best to always compare perfect markets against an idealized benevolent government that efficiently responds to the wants of society.
• D)we must carefully compare the benefits of government intervention in our markets against the costs of such intervention.

Recognize the importance of job design strategies such as job enrichment, and how they affect employee satisfaction and effectiveness.

Understand the role of reward systems in motivating employees and the potential challenges with their implementation.

Assess the effects of personal and cultural factors on self-leadership and its various practices.

Apply concepts of self-leadership, including personal goal setting, constructive thought patterns, and designing natural rewards, to improve workplace performance.

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Definitions:

Personality Traits

Enduring characteristics or habitual patterns of behavior, thought, and emotion that are relatively stable over time and across situations.

Gordon Allport

An American psychologist known for his trait theory of personality, which categorized human personality into cardinal, central, and secondary traits.

Psychoanalytic Theory

A theory of personality and psychological disorder that emphasizes unconscious motives and conflicts, originated by Sigmund Freud.

Sexual Urges

Natural, instinctive impulses towards sexual behavior and activities.