The Point Where the Sum of the External and Decision-Making

question 37

Multiple Choice

The point where the sum of the external and decision-making costs is minimized is _____.

• A)unanimity
• B)Pareto efficient
• C)simple majority rule
• D)the optimal collective decision rule

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Definitions:

Independent Samples

Two or more sets of observations that are collected independently of each other, often compared in hypothesis testing to assess whether there are differences between groups.

Ordinal Data

A type of data that represents categories with a meaningful order, but differences between categories are not necessarily consistent.

Nonparametric Test

Statistical tests that do not assume a particular distribution of the data, useful for ordinal or nominal data.

Ordinal Data

Data that can be categorized or ranked in order but does not quantitatively measure differences between categories.