Arrow's impossibility theorem tells us:
A. most voting systems meet the criteria for an ideal system, yet politicians cannot seem to change the way in which elections are held.
B. no voting system can aggregate the preferences of voters of three or more options while meeting all of the criteria for an ideal system.
C. political pressures will always corrupt a voting system, making none ideal.
D. no voting system can ever attain all four criteria for an ideal voting system.
B. no voting system can aggregate the preferences of voters of three or more options while meeting all of the criteria for an ideal system.
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Suppose the economy is producing at the natural rate of output. An increase in consumer and business confidence will cause ________ in real GDP in the long run and ________ in inflation in the long run, everything else held constant
A) an increase; an increase B) a decrease; a decrease C) no change; an increase D) no change; a decrease
Which of these is a supply-side approach to increase growth?
a. Spending on the construction and repair of state highways b. Providing tax benefits to start-up companies c. Investing in the production of arms and ammunitions d. Replacing old aircrafts with new fighter planes e. Increasing transfer payments to retirees