What is the difference between the voting paradox and the Arrow impossibility theorem?
What will be an ideal response?
The voting paradox is the failure of majority voting to always result in consistent choices. The Arrow impossibility theorem is a mathematical theorem that holds that no system of voting can be devised that will consistently represent the underlying preferences of voters.
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Define the following terms. Give a complete and precise definition in one sentence
a. total utility b. marginal utility c. consumer's surplus d. "law" of demand
Under the Bretton Woods system, a country with a balance of payments deficit
a. could get loans from the U.S. government. b. could devalue if deflationary policies failed to eliminate the deficit. c. was not allowed to devalue under any circumstance. d. was required to devalue its currency immediately.
The textbook notes that the last time a major league batter hit .400 was in 1941. This is because:
A. the league imposes harsh penalties for steroid use. B. specialization by pitchers, infielders, and outfielders has made it harder for batters to hit. C. baseball diamonds have become larger. D. the average quality of batters has fallen.
Refer to the information provided in Figure 24.5 below to answer the question(s) that follow.
Figure 24.5Refer to Figure 24.5. At aggregate output of $2,400 billion, unplanned inventories equal $________ billion.
A. -800 B. -400 C. 200 D. 800