Examlex
Todd is filling out a psychological test,and he doesn't understand a lot of the questions.He decides to just choose "all of the above" for every answer.What does this example illustrate
Arrow Impossibility Theorem
A principle stating that no rank-order voting system can be designed that always satisfies three fairness criteria: non-dictatorship, unrestricted domain, and independence of irrelevant alternatives.
Social Choice
The study of collective decision processes and voting systems, analyzing how individual preferences are aggregated to reach a collective decision or social welfare outcome.
401(k) Plans
Retirement savings plans sponsored by employers, allowing employees to invest a portion of their paycheck before taxes are taken out.
Worker's Choices
The range of options available to employees regarding job selection, work hours, and career paths.
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