One property of Kenneth Arrow's "perfect" voting system is that the ranking between any two outcomes A and B should not depend on whether some third outcome C is also available. Arrow called this property
a. transitivity.
b. pairwise perfection.
c. independence of irrelevant alternatives.
d. irrelevance of social choices.
c
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During 2005, real GDP in Ireland grew 9.8 percent. If Ireland maintains this level of growth in the future, real GDP will double in approximately how many years?
What will be an ideal response?
The presence of ________ creates a difference in the value between the market price and the factor cost of a product
A) indirect taxes and consumption B) subsidies and direct taxes C) corporate profits and subsidies D) indirect taxes and subsidies
Compare and contrast the effect of perfect competition to the effect of perfect price discrimination on: a) efficiency. b) consumer surplus. c) economic profit in the long run
What will be an ideal response?
The liquidity premium theory holds that investors
A) always choose the bond with the highest expected return, regardless of maturity. B) require a term premium to compensate them for investing in a less preferred maturity. C) view bonds of different maturities as perfect substitutes. D) view bonds of different maturities as completely unsubstitutable.