When Collective Decision Making Is Utilized to Resolve Economic Questions

question 82

Multiple Choice

When collective decision making is utilized to resolve economic questions regarding the allocation of resources, then:

• A)​everyone will receive an equal share of the output produced.
• B)​the preferences of individuals are of no importance.
• C)​economic efficiency will be assured.
• D)​the role of markets will be replaced by political decision making.

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Definitions:

Demand

The quantity of a product or service that consumers are willing and able to buy at various prices.

Curds

Solid chunks created from milk during the cheese-making process when acids or enzymes cause milk proteins to coagulate.

Whey

A by-product of cheese production, rich in proteins and used in various food products and supplements.

Curds

Solid chunks or clumps that form in milk during the coagulation process, often as a precursor to cheese production.