When collective decision making (the political process) is used to resolve economic questions regarding the allocation of resources,
A) decentralized decision making is present.
B) central planning and political bargaining will replace market forces.
C) individual preferences are of no importance.
D) economic equality will result.

Question

Quizplus · Accepted Answer

When collective decision making is used to resolve economic questions, market forces are replaced by central planning and political bargaining. Individual preferences may still be taken into account, but the ultimate decision rests in the hands of the political process. Economic equality may or may not result, depending on the goals and outcomes of the political process.

When Collective Decision Making (The Political Process) Is Used to Resolve