【正确答案】 E

【答案解析】Parallelism; Grammatical construction; Rhetorical construction
The sentence provides a list of effects stemming from administrative decisions in the Ming Dynasty. To make the meaning clear, all items in the list should be in parallel grammatical form. The first three are noun phrases—a drastic fall, a reduction, and the collapse—but the final item, failed, is a verb. To preserve parallel structure, the fourth item should also be a noun phrase: a failure. An alternative interpretation might take failed as parallel with caused, so that decisions is the subject of both verbs, but it is illogical to say that the decisions failed to make sufficient investments.
A The list of effects is not parallel since the first three items are noun phrases but the fourth is the verb failed. An alternative interpretation might take failed as parallel with caused, so that decisions is the subject of both verbs, but it is illogical to say that the decisions failed to make sufficient investments.
B The list of effects is not parallel since the first three items are noun phrases but the fourth is the participle failing.
C The list of three effects is followed by the verb failed, which lacks a subject, thus making the sentence ungrammatical.
D The list of effects is not parallel since the first three items are noun phrases but the fourth is the participle failing.
E Correct. The list of four effects is expressed in parallel grammatical form using noun phrases, including a failure.
The correct answer is E.