The sacrifices made by societies in order to engage in military spending represent:
A. the nominal costs of military spending.
B. the real costs of military spending.
C. the opportunity costs of military spending.
D. the excessive costs of military spending.
Answer: C
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The table above shows the total product schedule for The X Firm. The average product of labor is maximized at ________ workers because ________
A) 4; productivity is maximized when the 4th worker is employed B) 3; output starts to decrease with the 4th worker C) 5; output is maximized with the 5th worker D) 4; the marginal product of labor is increasing with the 4th worker E) 5; the APL exceeds the MPL for the 5th worker
A convertible currency is a currency that may be freely exchanged for
A) domestic assets. B) only silver. C) only copper. D) national currency. E) foreign currencies.