Which Term Refers to the Practice of Making Decisions About

question 20

Multiple Choice

Which term refers to the practice of making decisions about the distribution of public resources based on friendship, family, loyalty, or in exchange for benefits of other sorts?

• A) Bartering
• B) Favouritism
• C) Patronage
• D) Condescension
• E) Obedience

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Definitions:

Convex Preferences

A characteristic of consumers' preferences indicating that they prefer mixes or combinations of goods over extreme amounts of either one, depicted by a convex shape in utility analysis.

Indifferent

Having no particular interest or sympathy; being unconcerned or neutral towards a specific outcome or item.

Transitive Preferences

A principle in which if an individual prefers option A over B, and B over C, then they also prefer A over C.

Preferred

Indicating a greater liking for one alternative over another or others.