The opportunity cost associated with increasing U.S. national security is complicated by the fact that
a. national security is not a good
b. there is no trade-off between national security and other goods
c. national security cannot be produced
d. U.S. national security depends upon national security expenditures of other nations
e. war is an inherent human activity
D
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Refer to Figure 13-13. Economies of scale are exhausted at which output level?
A) Q1 units B) Q2 units C) Q3 units D) more than Q1 units
Which of the following is not an argument in favor of reforming the tax laws to encourage saving?
a. Saving is a key determinant of long-run prosperity. b. Current tax laws discourage saving for the purpose of leaving a large bequest. c. The substitution effect of a higher return to saving may be about equal to the income effect of a higher return to saving. d. The tax code currently taxes some forms of capital income twice.