In the Context of a Voting System, Independence of Irrelevant

question 77

True/False

In the context of a voting system, independence of irrelevant alternatives means that the ranking between any two outcomes A and B should not depend on whether some third outcome C is also available.

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Definitions:

Compounded

In finance, it refers to the process where interest is calculated on the initial principal and also on the accumulated interest of previous periods.

Actual Annual

Refers to the true or realistic yearly financial or quantitative performance or output of an entity or activity.

Interest Rate

The cost of borrowing money or the return for investing money, usually expressed as a percentage of the principal amount per year.

Economic Rent

The portion of income earned from a factor of production (land, labor, or capital) that exceeds the minimum amount necessary for it to be utilized in its current use.