Consensus

question 23

Multiple Choice

Consensus

• A) Is often considered the ideal way to select among alternatives
• B) Is often too hard to achieve in groups
• C) Means that everyone is fully in agreement with the decision made by the group
• D) Increases conflict and can makes the group less effective

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Definitions:

Rational Choice Theory

An economic theory that assumes individuals always make prudent and logical decisions that provide them with the highest amount of personal utility.

Public Interest

The well-being of the general public, often considered within the context of government policy-making.

Tax Incidence

The analysis of the effect of a particular tax on the distribution of economic welfare, including who ultimately pays the tax.

Deadweight Loss

A loss of economic efficiency that occurs when the equilibrium for a good or service is not achieved or is not achievable.