Table 22-3 the Citizens of Anytown Will Decide Whether to Build a Build

question 229

Multiple Choice

Table 22-3
The citizens of Anytown will decide whether to build a new library, a new community center, or a new ice rink. Exactly one of the three choices will prevail, and the choice will be made by way of pairwise voting, with the majority determining the outcome on each vote. The preferences of the voters are summarized in the table below.

-Refer to Table 22-3.Which of the following statements is correct?

• A) In a pairwise election, "library" beats "ice rink."
• B) In a pairwise election, "ice rink" beats "community center."
• C) In a pairwise election, "library" beats "community center."
• D) All of the above are correct.

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Definitions:

Straight-Line Method

The straight-line method is a depreciation technique that allocates an equal portion of the cost of an asset to each accounting period over its useful life.

Interest Expense

Interest expense is the cost incurred by an entity for borrowed funds over a period of time.

Adjusting Entry

An accounting procedure for updating the records of unrecorded expenses or revenues to ensure accurate financial statements.

Straight-Line Amortization

A method of evenly distributing the cost of an intangible asset over its useful life.