If there are 10,000 people in your age bracket, and 10 of them died last year, an insurance company believes that the probability of someone in that age bracket dying this year would be

The marginal tax rate is

A) the amount of taxes paid as a percentage of gross domestic product (GDP). B) the amount of per-capita taxes paid. C) the amount of taxes paid as a percentage of income. D) the fraction of each additional dollar of income that must be paid in taxes.

Suppose that an individual sees a tremendous opportunity to produce and sell a new product but dismisses the idea because there is no way to exploit this opportunity for personal gain. This situation best identifies the:

A. coordination problem under communist central planning. B. self-sufficiency dilemma under communism. C. asymmetric information problem under communism. D. incentive problem under communist central planning.