The Arrow impossibility theorem explains
A) why government regulation of private markets will always result in a reduction in economic efficiency in these markets.
B) why voters are always rationally ignorant.
C) why there is no system of voting that will consistently represent the underlying preferences of voters.
D) why it is not possible to provide the economically efficient amount of any public good.
C
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In the aggregate production function Y = A , real business cycle theory treats ________ as the key independent variable
A) potential output B) productivity C) the capital stock D) the labor input
The current account records
a. last year's flows of funds into and out of the country b. current flows of imports and exports of goods and services, net income earned by U.S. residents from foreign assets, and net transfer payments c. current flows of imports and exports of goods only d. only net income earned by U.S. residents from foreign assets e. only current flows of imports and exports of goods and services and net transfer payments