Table 22-1 Three Friends -- Tricia, Sarah, and Katie -- Are Deciding

question 298

Multiple Choice

Table 22-1
Three friends -- Tricia, Sarah, and Katie -- are deciding where to go together for vacation. They all agree that they should go to one of three places: Ireland, Italy, or Greece. They also agree that they will have two pairwise votes to determine where to go on vacation, 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 22-1.Depending on the order of the pairwise voting,

• A) the friends could go to either Ireland, Greece, or Italy.
• B) the friends could go to either Ireland or Greece, but they will not go to Italy.
• C) the friends could go to either Greece or Italy, but they will not go to Ireland.
• D) the friends could go to either Ireland or Italy, but they will not go to Greece.

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Definitions:

Simplifying Assumptions

Basic assumptions made to make complex economic models more understandable and manageable by ignoring certain factors.

Mathematical Equations

Symbolic representations of relationships between variables or quantities, defined by mathematical operations.

Economic Hypothesis

A proposed explanation for economic phenomena that is testable and can be confirmed or refuted by observation and experimentation.

Economic Principle

A widely accepted generalization about the economic behavior of individuals or institutions.