With a sharp knife, cut each rack of lamb into individual chops. In a small bowl, combine the remaining ingredients. Rub over both sides of chops; place on a rack in a shallow roasting pan. Cover and refrigerate for 2 hours.
Bake, uncovered, at 400° for 14-16 minutes or until meat reaches desired doneness (for medium-rare, a thermometer should read 135°; medium, 150°; medium-well, 145°).