Because Majority Voting Fails to Incorporate the Strength of the Preferences

question 61

Multiple Choice

Because majority voting fails to incorporate the strength of the preferences of individual voters, it

• A) creates negative externalities.
• B) under some circumstances produces economically inefficient outcomes.
• C) leads to market failure.
• D) leads to politics dominated by special-interest groups.

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Definitions:

Opinions

Opinions are personal beliefs or judgments that are not necessarily based on fact or knowledge.

Hindsight Bias

The tendency to believe, after an outcome is already known, that one would have foreseen it, often referred to as the "I-knew-it-all-along" effect.

"I Knew It All Along"

A cognitive bias, also known as hindsight bias, where people believe they accurately predicted an event or outcome that could not have been reasonably foreseen.

Confirmation Bias

The inclination to seek out, understand, prioritize, and remember information in a manner that validates one's already established beliefs or theories.