Kenneth Arrow proved that the voting system that satisfied all of the properties of his "perfect" voting system was
a. one in which a single person (a "dictator") imposes his preferences on everyone else.
b. pairwise majority voting.
c. majority voting that is not pairwise.
d. None of the above is correct. Arrow proved that no voting system can satisfy all of the properties of his "perfect" system.
d
Economics
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Higher inflation and interest rates led to ___________
Fill in the blank(s) with the appropriate word(s).
Economics
A reduction in the demand for labor caused by changes in technology, taxes, and competition is called:
a. seasonal unemployment. b. frictional unemployment. c. structural unemployment. d. cyclical unemployment.
Economics