What is the impossibility theorem?
What will be an ideal response?
The impossibility theorem is a proposition demonstrated by Kenneth Arrow showing that no system of aggregating individual preferences into social decisions will always yield consistent, nonarbitrary results.
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Political scientist Elinor Ostrom won the 2009 Nobel Prize in Economics for demonstrating in detail how communities around the world
a. experience gaps in wealth and economic power. b. manage common pool resources effectively. c. see power as the ability to collaborate.
Which of the people or institutions listed exercises the most power over the quantity of money in the United States economy?
A) The United States Treasury Departmen B) The United States Congres C) The United States Federal Reserve D) Fort Knox E) Warren Buffet F) The President of the United States G) The United States Supreme Court