The fact that U.S. national security depends upon what other nations spend on their national security means that
a. the U.S. may end up with less national security even if it devotes more resources to national security
b. the U.S. should devote fewer resources to national security
c. the U.S. should devote even more resources to national security than it considers desirable
d. the U.S. can never be secure
e. peace is an impossible dream
A
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Suppose the price of rice increases and you view rice as an inferior good. The substitution effect results in a ________ change in rice consumption, and the income effect leads to a ________ change in rice consumption
A) positive, positive B) positive, negative C) negative, positive D) negative, negative
The following graph is the production possibility curve for a three-person economy, with workers Janna, Drew, and Karl.
The slope of the PPC between points Y and Z is determined by ________ opportunity cost.
A. Kari's B. Janna and Drew's C. Drew's D. Janna's