In His 1951 Book Social Choice and Individual Values, Arrow's

question 184

Multiple Choice

In his 1951 book Social Choice and Individual Values, Arrow's perfect voting system satisfies all of the following properties except

• A)unanimity.
• B)transitivity.
• C)reflexivity.
• D)independence of irrelevant alternatives.

---

Definitions:

Fixed Costs

Expenses that do not change with varying levels of production or sales, such as rent or salaries.

Recession

A significant decline in economic activity across the economy, lasting more than a few months, typically visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

After-Tax Profit

The net income after all taxes have been deducted, reflecting the actual profitability of a company.

Recession

A period of temporary economic decline during which trade and industrial activity are reduced, typically recognized by a fall in GDP in two successive quarters.