Defense Spending Is Second-Highest in

question 61

Multiple Choice

Defense spending is second-highest in

• A)Russia.
• B)the United States.
• C)China.
• D)Great Britain.
• E)Germany.

---

Definitions:

Resources

Assets or inputs used to produce goods and services.

Economic Profit

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, indicating the financial gain in excess of opportunity costs.

Accounting Profit

The total revenue of a firm less its explicit costs; the profit (or net income) that appears on accounting statements and that is reported to the government for tax purposes.

Diseconomies of Scale

A situation in which a company or business grows so large that the costs per unit increase, leading to decreased efficiency.