Title: The Arrow impossibility theorem explains Post by: trancy on Feb 28, 2019 Question 1. A situation where a member of Congress votes to approve a bill in exchange for favorable votes from other members on other bills is called• rent seeking. • logrolling. • regulatory capture. • special interest legislation. Question 2. The Arrow impossibility theorem explains• why there is no system of voting that will consistently represent the underlying preferences of voters. • why government regulation of private markets will always result in a reduction in economic efficiency in these markets. • why voters are always rationally ignorant. • why it is not possible to provide the economically efficient amount of any public good. Title: The Arrow impossibility theorem explains Post by: qwer34 on Feb 28, 2019 Content hidden
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