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.
c
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In the figure above, which budget line results in the most real income in terms of compact discs?
A) AD B) BD C) CD D) Real income is equal for all three budget lines.
The difference between an orthodox stabilization plan and a heterodox stabilization plan is that the orthodox plan
A) targets the problem of inflation, while the heterodox plan targets unemployment. B) reduces trade flows less than the heterodox plan. C) does not include higher taxes and the heterodox plan does. D) does not include wage and price controls and the heterodox plan does. E) eliminates budget deficits, while the heterodox plan only reduces them.