Arrow's Impossibility Theorem Is "Disturbing" in the Sense That It

question 41

Multiple Choice

Arrow's impossibility theorem is "disturbing" in the sense that it proves that

• A)no voting system is perfect.
• B)only a dictator can produce a desirable social outcome.
• C)the preferences of the wealthy should be given more weight than the preferences of the poor.
• D)the centuries-old Condorcet paradox was not a paradox after all.

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Definitions:

Government

The organization, structure, and systems that govern a community, state, or nation, responsible for regulating and managing public affairs.

Private Insurers

Independent companies that provide individuals and entities coverage against financial losses in exchange for premium payments.

Expenditures

Refers to the total amount of money spent by households or businesses on goods and services.

Welfare State

A system where the government plays a key role in the protection and promotion of the economic and social well-being of its citizens.