Excluding the U

question 3

Multiple Choice

Excluding the U.S.,which of the following countries accounts for the highest portion of worldwide military spending?

• A)Russia
• B)Britain
• C)China
• D)France
• E)Germany

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Definitions:

Perfectly Elastic

Describes a situation in which the quantity demanded or supplied of a good responds infinitely or extremely to changes in its price.

Excise Tax

A tax applied on specific goods, such as tobacco and alcohol, usually to discourage their use or raise government revenue.

Excise Tax

A tax charged on specific goods and services, such as alcohol, tobacco, and gasoline, usually to discourage their use or generate revenue.

Equilibrium Price

The price in a competitive market at which the quantity demanded and the quantity supplied are equal, there is neither a shortage nor a surplus, and there is no tendency for price to rise or fall.