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

Economics

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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

Economics

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

Economics

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

Economics

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.

Economics