When Comparing Market and Public Sector Decision Making, Which Statement

question 345

Multiple Choice

When comparing market and public sector decision making, which statement is NOT true?

• A) Self-interest is the motivating force in each decision making arena.
• B) In both decision making sectors, majority rule is how things are done.
• C) In both decision making sectors, there are scarcity constraints.
• D) Collective (political) outcomes and economic outcomes may differ.

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Definitions:

Common Law

A body of unwritten laws based on legal precedents established by the courts.

Social Values

Represent the important beliefs or ideals shared by members of a society concerning what is good or bad, and desirable or undesirable.

Public Policy

A governmental policy based on widely held societal values.

Legal Principles

Fundamental norms, rules, or doctrines that guide the practice of law and ensure fairness and justice in legal processes.