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The mayor of Newton is considering proposals to deal with an unsafe intersection. She could install a traffic light at a cost of $50,000 or she could install stop signs at a cost of $5,000. The traffic light is expected to reduce the risk of fatality by 0.45 percent and the stop signs are expected to reduce the risk of fatality by 0.054 percent. If the value of human life is estimated to be $10 million, what choice should the mayor make? Briefly explain.
Smoot-Hawley Act
A United States legislative act passed in 1930, which raised tariffs on thousands of imported goods, contributing to the severity of the Great Depression.
Import Restrictions
Government-imposed limits or duties on the quantity or value of goods that can be imported into a country.
Military Self-sufficiency
The capability of a nation to produce all necessary military supplies and services internally without relying on foreign assistance.
National Security
Measures and strategies implemented by a government to protect its country's citizens, economy, and institutions from threats.
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