Question 1
The impossibility theorem is the idea that
◦ we cannot devise a voting scheme that respects individual preferences and gives consistent, non-arbitrary results.
◦ it is impossible to exclude someone from enjoying the benefits of a public good.
◦ it is impossible for lawmakers to get legislation passed without agreeing to help other lawmakers get their legislation passed.
◦ private parties cannot arrive at the efficient solution without government intervention.
Question 2
The voting paradox is an example of the
◦ impossibility theorem.
◦ the Coase theorem.
◦ Tiebout hypothesis.
◦ free-rider problem.