Economic time series are outcomes of random variables.

The principle that under some circumstances majority voting fails to make consistent choices reflecting the community's underlying preference is best demonstrated by the:

A. paradox of voting. B. concept of logrolling. C. median-voter model. D. Coase theorem.

What exists when the consequences of the actions of one person spill over to another person?

a. externality b. signal c. free ride d. moral hazard