Economist Kenneth Arrow has shown mathematically that no system of voting will consistently represent the underlying preferences of voters. This finding is called
A) Arrow's median voter model.
B) Arrow's Amendment to the public choice model.
C) Arrow's majority vote paradox.
D) the Arrow impossibility theorem.
D
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An unemployed individual decides to spend the day fishing. The opportunity cost of fishing is
A) zero, because the person doesn't have a job. B) the cost of bait, any other monetary expenses, and the value of the individual's wages while he was working. C) the cost of bait and any other monetary expenses. D) the cost of bait, any other monetary expenses, and the value of the best alternative use of the individual's time.
The above figure shows the market for rice in Japan where price is expressed in dollars. S represents the domestic supply curve, and the horizontal line at P = $1 represents the world supply curve
If a $1 tariff is imposed on imported rice, the loss in social welfare is A) b + c + d + e. B) a. C) i. D) a + c + d + e.