Which of the Following Is Not a Criterion for an Ideal

question 9

Multiple Choice

Which of the following is not a criterion for an ideal voting system, according to economist Kenneth Arrow?

• A)Unanimity
• B)No dictator
• C)Transitivity
• D)Fairness

Identify and justify the use of taxes or subsidies to achieve social optimum.

Analyze the impact of externalities on private and social costs and benefits.

Explain the concept of market equilibrium and how it is affected by externalities.

Understand the role of governmental policies in correcting market failures due to externalities.