According to Kennerth Arrow, Which of the Following Properties Would

question 88

Multiple Choice

According to Kennerth Arrow, which of the following properties would be present in a perfect voting scheme?
(i) unanimity: if everyone prefers A to B, then A should beat B
(ii) transitivity: if A beats B, and B beats C, then A should beat C
(iii) universality: everyone in society has the right to vote

• A)(i) anly
• B)(i) and (i) any
• C)(ii) and (iii) anly
• D)(i), (ii) and (iii)

Distinguish between peer-to-peer and client/server network models.

Recognize the fastest transmission mediums for data transfer.

Identify the necessary hardware components for network communication.

Understand the standards and specifications of cabling and wireless technologies.

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Definitions:

Consumer Surplus

The discrepancy between the aggregate sum consumers are prepared and can afford to spend on a product or service and the actual total amount they end up paying.

Coase Theorem

A principle that if property rights are clearly defined and transaction costs are low, private bargains will ensure that the market always reaches an efficient outcome regardless of who holds the initial property rights.

Externalities

Economic side effects or consequences that affect uninvolved third parties; can be positive or negative.

Cap-And-Trade

An environmental policy mechanism that sets a cap on emissions and allows businesses to buy and sell permits for the right to emit.