To maximize progress toward a political goal, the "rational terrorist" will always choose those actions for which the
A. most money is lost.
B. most people die.
C. fewest innocent people die.
D. marginal benefit equals or exceeds the marginal cost.
Answer: D
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Don's Taxicab Service is the only taxi company operating in a large city. In the beginning, Don took over the local taxi market by buying out his competition. Now he sets his own rates as a privately-owned monopoly, but residents and tourists are upset by the very high prices. If there are no economies of scale in taxicab service, then the best solution is most likely
a. to encourage concentration by constructing barriers to entry b. laissez-faire since the market is clearly contestable c. antitrust action to break up Don's into a number of firms d. price regulation by a city commission e. for the city to take over and operate Don's Taxicab
The Japanese economy began its development after the:
a. establishment of a monarchy b. the Tokogawa Dynasty c. The Second World War d. The Tan dynasty e. the Meiji Restoration
If a tax is progressive, then
A. the average tax rate decreases as taxable income increases. B. the average tax rate increases as taxable income decreases. C. the average tax rate remains constant as taxable income decreases. D. the average tax rate decreases as taxable income decreases.
When economists say a market has "barriers to entry," they refer to:
A. monopolists being prohibited from selling their products to certain customers. B. a policy that some countries establish to reduce imports from other countries. C. factors that prevent other firms from challenging a firm with market power. D. economic profits that are positive, but too high to encourage entry.