Following 1603, What Turned Out to Be One of the Worst

question 33

Multiple Choice

Following 1603, what turned out to be one of the worst decisions of the sultan of the Ottoman Empire?

• A) He had his sons sent to foreign countries for education.
• B) He had his sons banished so they wouldn't threaten his reign.
• C) He gave his sons small plots of land so they could practice farming and herding animals.
• D) He had his sons raised in the harem instead of with the military.
• E) He put his sons in small businesses so they could learn commerce.

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Definitions:

Socially Optimal

A state or outcome of an economic or social process that maximizes societal welfare, taking into account all costs and benefits to society.

Fair-Return

A principle whereby regulated entities are allowed to set prices that cover their costs and provide a reasonable profit.

Price-Discriminating

A pricing strategy where a seller charges different prices for the same product or service to different customers based on various factors.

Elastic

In economics, it describes a situation where the demand or supply for a good changes significantly in response to price changes.