When a Decision Is Made Based on a Simple Majority

question 16

True/False

When a decision is made based on a simple majority vote it is possible for the total benefits to the community of this decision to be less than the total costs to the community of this decision.

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Definitions:

Debt

An obligation or liability to pay or render something to another party, which can be a result of borrowing funds or acquiring goods and services.

Crop-Lien System

A credit system used in the Southern United States after the Civil War, where farmers borrowed against future crop yields, leading to debt and economic dependency.

Natural-Resource Frontier

Areas yet to be explored or developed that are rich in natural resources, such as minerals, forests, and water bodies, offering potential for economic development.

Extraction Rights

Legal permissions granted to companies or individuals to extract natural resources such as minerals, oil, or gas from the land.