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:

Outsourced Training

The practice of hiring external entities to conduct training programs for an organization’s employees.

Internal Recruiting

The process of filling job vacancies within an organization by considering current employees for promotion or transfer.

Ripple Effect

The continuing and spreading impact of an event or action, which can affect various aspects and individuals indirectly related to the initial occurrence.

External Recruiting

The process of looking outside a company to fill job vacancies, typically through advertisements, job fairs, or recruiting agencies.