What is the difference between the voting paradox and the Arrow impossibility theorem?
What will be an ideal response?
The voting paradox is the failure of majority voting to always result in consistent choices. The Arrow impossibility theorem is a mathematical theorem that holds that no system of voting can be devised that will consistently represent the underlying preferences of voters.
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Suppose wages in the market for plumbers increase. Some plumbers start taking on extra plumbing jobs while others cut back on the number of hours they work. What could explain this?
What will be an ideal response?
When box office receipts are not corrected for inflation,
a. The Sound of Music ranks as the most popular movie of all time. b. Gone with the Wind does not rank as one of the 50 most popular movies of all time. c. Titanic ranks as the most popular movie of all time. d. Avatar does not rank as one of the 50 most popular movies of all time.