Kenneth Arrow proved that the voting system that satisfied all of the properties of his "perfect" voting system was
a. one in which a single person (a "dictator") imposes his preferences on everyone else.
b. pairwise majority voting.
c. majority voting that is not pairwise.
d. None of the above is correct. Arrow proved that no voting system can satisfy all of the properties of his "perfect" system.
d
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A rational choice is ___________
A. the best thing you must forgo to get something B. what you are willing to forgo to get something C. made by comparing marginal benefit and marginal cost D. the best for society
In general, an increase in the price of a good:
A. will cause the substitution effect to be bigger than the income effect. B. will cause the income effect to be bigger than the substitution effect. C. will cause both an income and substitution effect. D. usually will have no effect.
Which of the following is not one of the three fundamental concepts of economics?
A. opportunity cost B. marginalism C. the working of efficient markets D. profit maximization
Externalities are only inefficient when they impose a cost. They are not inefficient when they bestow a benefit.
Answer the following statement true (T) or false (F)