Suppose that residents of a town are asked to vote on the best day to improve the safety of an intersection. The three choices are: a stoplight, a 4-way stop, and a 2-way stop. The mayor asks the residents to assign 3 points to their first choice, 2 points to their second choice, and 1 point to their last choice. The intersection will be controlled by the method that receives the most points
This voting scheme is called
a. Arrow's impossibility theorem.
b. the Condorcet paradox.
c. a Borda count.
d. the median voter theorem.
c
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In analyzing human decision and action, economists assume that
A. there are no scarce resources in the economy. B. people's behavior reflects rational self-interest. C. scarcity is more important than choice. D. costs are more important than benefits.
In the United States, the marginal tax rate on individual federal income tax
a. decreases as income increases. b. increases as income increases. c. is constant at all income levels. d. applies only to payroll taxes.
Which of the following owns the largest portion of the U.S. national debt?
A. State and local governments. B. The federal government. C. Foreigners. D. The private sector.
Based on the model of the money market, when real income decreases, the equilibrium interest rate should:
A. stay the same. B. increase. C. decrease. D. increase to the same extent that the supply of money increases.