Table 22-2 Three Longtime Friends-Allen, Brian, and Cody-Are Deciding How They Will

question 293

Multiple Choice

Table 22-2
Three longtime friends-Allen, Brian, and Cody-are deciding how they will spend their Sunday afternoon. They all agree that they should do one of three things: go to a movie, play golf, or go to a baseball game. They also agree that they will have two pairwise votes to determine how to spend their afternoon, with the majority determining the outcome on each vote. The first, second, and third choices for each person are as indicated in the table below.
-Refer to Table 22-2. Which of the following statements is correct regarding the Condorcet paradox and the results of pairwise voting by Allen, Brian, and Cody?

• A)The paradox implies that pairwise voting never produces transitive preferences, and so the voting by Allen, Brian, and Cody fails to produce transitive preferences.
• B)The paradox implies that pairwise voting sometimes (but not always) produces transitive preferences, and the voting by Allen, Brian, and Cody does produce transitive preferences.
• C)The paradox implies that pairwise voting sometimes (but not always) fails to produce transitive preferences, and the voting by Allen, Brian, and Cody fails to produce transitive preferences.
• D)The paradox does not apply to the case at hand, because Brian's preferences are not individually transitive.

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Definitions:

Straight-line Method

A strategy for computing depreciation or amortization through evenly apportioning the cost of an asset across its expected useful duration.

Semiannual Interest

Interest that is calculated and paid twice a year, commonly found in bonds and loans.

Present Value

A financial concept that represents the current value of a future amount of money or stream of cash flows given a specified rate of return.

Compounded Annually

The process of calculating interest on the initial principal, which also includes all the accumulated interest from previous periods on a loan or deposit.