2. Most governments have a policy of not negotiating with kidnappers but relatives of kidnap victims do not have the same policy. which core principle is represented in the scenario (if any) choose: a. Cost-benefit analysis b. The situation does not represent a core principle c. Scarcity, choice and opportunity cost d. Diminishing returns e. Compare the cost versus benefit in making decision f. Incentive principle g. Scarce resources so choice has to be made h. People are responding to an incentive I. Adding more variable factor to a given fixed factor

Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
ChapterST4: Keynes And Hayek: Contrasting Views On Sound Economics And The Role Of Government
Section: Chapter Questions
Problem 5CQ
icon
Related questions
Question

2. Most governments have a policy of not negotiating with kidnappers but relatives of kidnap victims do not have the same policy.

which core principle is represented in the scenario (if any) choose:

a. Cost-benefit analysis

b. The situation does not represent a core principle

c. Scarcity, choice and opportunity cost

d. Diminishing returns

e. Compare the cost versus benefit in making decision

f. Incentive principle

g. Scarce resources so choice has to be made

h. People are responding to an incentive

I. Adding more variable factor to a given fixed factor

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Macroeconomics: Private and Public Choice (MindTa…
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Microeconomics: Private and Public Choice (MindTa…
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours…
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
ECON MACRO
ECON MACRO
Economics
ISBN:
9781337000529
Author:
William A. McEachern
Publisher:
Cengage Learning