Examlex
A change in labor productivity affects __________ and a change in the exchange rate affects __________.
Condorcet Paradox
A scenario in social choice theory where collective preferences can be cyclical, even if the preferences of individual voters are not, leading to the absence of a clear majority opinion.
Transitive Preferences
In decision theory, a preference system where if an individual prefers option A to B and B to C, then they also prefer A to C.
Condorcet Paradox
A situation in majority voting where collective preferences can be cyclical and inconsistent, despite the individual preferences being rational and transitive.
Preferred Spending
the allocation of financial resources towards goods, services, or investments that are most favored or prioritized by an individual or entity.
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