Price theory Question

Identify the truthfulness of the following statements: i. Economists generally agree that the following properties are desirable in any method for constructing social preferences: . Rationality o The Pareto Property o Independence of Irrelevant Alternatives ii. Arrow's Impossibility Theorem states that, in general, a dictatorial mechanism is the only method for constructing social preferences that are rational, have the Pareto property, and are independent of irrelevant alternatives. O Both i and ii are true. O Both i and ii are false. i is true; ii is false. O i is false; ii is true