Recovery is the phase of the business cycle during which real GDP reaches its maximum

Unemployment or underemployment is shown by a point located inside the production possibilities curve

Indicate whether the statement is true or false

In his 1951 book, Social Choice and Individual Values, Kenneth Arrow used the term "transitivity" to mean

a. A beats B only if everyone prefers A to B. b. if everyone prefers A to B, then A beats B. c. if A beats B and B beats C, then A must beat C. d. everyone who is eligible to vote must vote; otherwise, the outcome is invalid.