What Is the Name of the Mathematical Result Showing That

question 27

Multiple Choice

What is the name of the mathematical result showing that no voting system can simultaneously satisfy the properties of unanimity, transitivity, independence of irrelevant alternatives, and no dictators?

• A)The fundamental theorem of behavioral economics
• B)Arrow's impossibility theorem
• C)The fundamental theorem of voting
• D)The median voter theorem

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Definitions:

Revolving Credit Agreement

A financial arrangement allowing a borrower to withdraw, repay, and reborrow funds up to a specified credit limit.

Legal Obligation

A duty, established by law, contract, or agreement, which requires an entity or individual to perform or refrain from performing a certain action.

Depreciation

The reduction in the value of an asset over time, due in particular to wear and tear, typically used for tax and accounting purposes.

Noncash Charge

An expense reported in the income statement of a company that does not involve actual cash flow, such as depreciation or amortization.