Arrow suggests that any social choice process should be applicable to any set of preferences for individuals -- because we can't be sure individual preferences are always rational.
Answer the following statement true (T) or false (F)
False
Rationale: Arrow's theorem only suggests (with the Universal Domain axiom) that the social choice process should be applicable to any set of rational preferences on the part of individuals.
Economics
You might also like to view...
If sellers expect higher basket prices in the near future, the current
a. supply of baskets will increase. b. supply of baskets will decrease. c. supply of baskets will be unaffected. d. demand for baskets will decrease.
Economics
If price of a good rises, what happens to the demand for that good, all other things held constant?
A. The demand increases. B. The demand decreases. C. The demand does not change. D. The outcome depends upon the supply of the good.
Economics