Table 22-3 Three Family Members -- Seamus, Maeve, and Siobhan -- Are

question 2

Multiple Choice

Table 22-3
Three family members -- Seamus, Maeve, and Siobhan -- are deciding what type of movie to attend. The three choices are an action adventure, comedy, or horror. The first, second, and third choices for each person are as indicated in the table below.
-Refer to Table 22-3. Suppose the three decide to make the decision based on pairwise majority voting. If they first choose between Action and Comedy and then choose between the winner of the first vote and Horror, which movie alternative will win?

• A)Action
• B)Comedy
• C)Horror
• D)There is no clear winner - Comedy and Horror will tie.

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Definitions:

Terms of Trade

The ratio at which a country's exports are exchanged for imports, influencing the level of a country's economic health and prosperity.

World Price

The price at which a good is traded on the world market; determined by the world demand and world supply for the good.

Tariff

A Tariff is a tax imposed by a government on imported goods, often used to protect domestic industries from foreign competition.

Opportunity Cost

Giving up the chance to benefit from other opportunities by selecting a specific option.