To understand how decisions about military expenditures are made, it is probably most important to understand _____
a. geography
b. economic warfare
c. the political process
d. strategic alliances
c
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Households will choose to save more if
A) income is expected to decrease in the future. B) current disposable income increases. C) Both answers A and B are correct. D) Neither answer A nor B is correct.
Suppose that for each firm in the competitive market for potatoes, long-run average cost is minimized at $0.20 per pound when 500 pounds are grown. The demand for potatoes is Q = 10,000/p
If the long-run supply curve is horizontal, then how much will consumers spend, in total, on potatoes? A) $0 B) $500 C) $10,000 D) $50,000
Suppose your firm has a U-shaped average variable cost curve and operates in a perfectly competitive market
If you produce where the product price (marginal revenue) equals average variable cost (on the upward sloping portion of the AVC curve), then your output will: A) exceed the profit-maximizing level of output. B) be smaller than the profit-maximizing level of output. C) equal the profit-maximizing level of output. D) generate zero economic profits.
The production possibilities frontier illustrates
a. the combinations of goods that could be produced with resources and technology constant b. how technology influences opportunity costs c. the law of diminishing returns d. how price changes affect decision making of individuals e. the law of demand