Which of the following is not a criterion for an ideal voting system, according to economist Kenneth Arrow?
A. No dictator
B. Transitivity
C. Unanimity
D. Fairness
Answer: D
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An individual holds $10,000 in a non-interest-earning checking account, and the overall price level rises significantly. Other things being constant, we would expect
A) the individual's real wealth to decrease and consumption to decline. B) no change in the individual's real wealth but a decline in real national product. C) the individual's stock of real wealth to decrease but real national income to increase. D) the individual's wealth to increase.
A perfectly competitive firm maximizes its profit by producing the output at which its marginal cost equals its
A) marginal revenue. B) average total cost. C) average variable cost. D) average fixed cost.
The table above gives Jane's total utility from magazines and CDs. The price of a magazine is $4 and the price of a CD is $10 and Jane's budget is $88. What is Jane's total utility when she maximizes her utility?
A) 70 units B) 1516 units C) 2536 units D) 2586 units
Are the curves in the figure above drawn CORRECTLY? If not, what's wrong?
What will be an ideal response?