Group Decisions Are Generally Preferable to Individual Decisions When ________

question 45

Multiple Choice

Group decisions are generally preferable to individual decisions when ________ is sought.

• A)efficiency
• B)clear responsibility
• C)more complete information and knowledge
• D)speed

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Definitions:

Allocative Efficiency

A state of resource allocation where it is impossible to make any one individual better off without making someone else worse off.

Private Ownership

The legal right held by individuals or corporations to have exclusive control over and use of property, assets, or commodities.

Opportunity Cost

Opportunity cost is the value of the next best alternative forgone as the result of making a decision.

Henry George

A 19th-century economist known for his belief that people should own the value they produce themselves, but that land and natural resources should belong to all (Georgism).