“If there are problems with markets, government will generally be able to intervene and correct the situation.” Is this statement true? Explain your response. “The political process sometimes leads to...

“If there are problems with markets, government will generally be able to intervene and correct the situation.” Is this statement true? Explain your response.

“The political process sometimes leads to economic in efficiency because we elect the wrong people to political office. If the right people were elected, a democracy governed by majority rule would allocate resources efficiently.” Evaluate this statement.