The mathematical result showing that, under certain assumptions, there is no scheme for aggregating individual preferences into a valid set of social preferences is called
Arrow's impossibility theorem
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Governments track the value of international transactions with ________.
A. the circular flow model B. aggregate demand C. the balance of trade D. the federal deficit
In the short run, a perfectly competitive firm ________ make an economic profit and ________ incur an economic loss
A) might; will never B) will never; might C) might; might D) will never; will never E) will definitely; will never
As a person's wealth increases, which of the following portfolio holdings is likely to increase the least?
A) checking account B) stocks C) money market fund D) bonds
AT&T, the employer of the three scientists credited with inventing the transistor,
A. reaped very few economic benefits from the invention. B. earned a modest 10 percent return from the invention. C. earned an unprecedented 2,000 percent return from the invention. D. suffered economic losses because of the invention.