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 prime importance.
C)economic efficiency will be assured.
D)the role of markets will be replaced by political decision-making.
E)the disparity in income will increase.

Question

Quizplus · Accepted Answer

Collective decision-making means the allocation of resources is determined by political decision-making rather than market forces. This often leads to less economic efficiency and potential for disparities in income. Therefore, option D is the best choice.

When Collective Decision-Making Is Utilized to Resolve Economic Questions Regarding