Some Contracts Must Be in Writing to Be Enforceable

question 45

True/False

Some contracts must be in writing to be enforceable.

Analyze the implications of the Condorcet paradox and Arrow's impossibility theorem on social choice theory.

Distinguish between hidden actions and hidden characteristics in the context of asymmetric information.

Understand the key principles and theories of political economy, including the median voter theorem, Arrow's impossibility theorem, and the concepts of majority rule and unanimity.

Identify and describe the practical application and implications of voting systems such as Borda count and majority rule in various contexts.

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Definitions:

Social Media

Platforms that enable users to create and share content or to participate in social networking.

Barack Obama

The 44th President of the United States, serving from 2009 to 2017, and the first African American to hold the office, noted for his efforts in healthcare reform and international diplomacy.

Donald Trump

A businessman and television personality who served as the 45th President of the United States from 2017 to 2021.

House of Representatives

One of the two chambers of the United States Congress, responsible for making and passing federal laws, with members elected according to the population of each state.