A Military Draft The Following Questions Refer to the Accompanying Graph, Which Shows

question 46

Multiple Choice

A Military Draft

The following questions refer to the accompanying graph, which shows the supply and demand for military service where Q0 represents the quantity provided by a volunteer army and Qd the quantity provided by a draft.


-Refer to Supply and Demand.Deadweight loss

• A) is eliminated by a limited draft.
• B) occurs only with a volunteer army.
• C) occurs only with a draft.
• D) Occurs with both a volunteer army and with a draft.

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Definitions:

Utility Function

An economic term describing how consumers rank different bundles of goods or levels of happiness.

Exchanges Of X For Y

Exchanges of X for Y refer to transactions where one item or service (X) is traded for another item or service (Y), highlighting the concept of barter or trade in economics.

Units Of X

A hypothetical measure used in economic models and problems to quantify the amount of a good or service, referred to as Good X.

Utility Function

A mathematical representation that ranks the preferences of consumers or entities based on the consumption of goods and services.