Which of the following is a lesson from the Condorcet paradox?
a. If voters are choosing a point along a line, then majority rule will pick the most preferred point of the median voter.
b. Under certain conditions, there is no scheme for aggregating individual preferences.
c. When there are more than two options, deciding the order in which to vote can have a powerful influence over the outcome of an election.
d. Majority voting always indicates what outcome a society really wants.
c
You might also like to view...
According to the intertemporal substitution effect, when the price level increases, the interest rate
A) rises and the quantity of real GDP demanded increases. B) rises and the quantity of real GDP demanded decreases. C) falls and the quantity of real GDP demanded decreases. D) is not affected.
Use the figure below to answer the following question.
If the output level is Q2, then there will be
A. minimum net producer surplus. B. greater marginal benefits than marginal costs of the product. C. productive efficiency. D. maximum deadweight losses.
Subprime mortgages refer to the mortgages issued
A) by low rating financial institutions. B) at an interest rate below prime rate. C) to borrowers with low incomes and poor credit histories. D) by government
During recessions
a. workers are laid off. b. factories are idle. c. firms may find they are unable to sell all they produce. d. All of the above are correct.