In the Textbook,the Authors Make a Comparison Between Defense Spending

question 17

Multiple Choice

In the textbook,the authors make a comparison between defense spending and higher education spending to demonstrate

• A) the one-to-one relationship between reduced defense spending and increased higher education spending.
• B) that the reduction of uniformed personnel, due to cuts in defense spending, has been compensated for by more college student enrolling in ROTC programs to fund their education.
• C) how the elimination of one B-2 bomber might enable thousands of college students to attend college at reduced costs.
• D) that higher education spending could reduce defense spending if more money was put into universities to educate and produce more highly skilled college students.

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Definitions:

Market Supply Curve

A graphical representation depicting the relationship between the price of a good and the total quantity of the good that producers are willing to supply.

Marginal Cost

The increase in total cost that arises from producing one additional unit of a product or service, an important concept in economics for decision making.

Variable Input

An input in the production process that can be adjusted in the short term to change the level of output.

Industry Supply Curve

A graphical representation that shows the relationship between the price of a good and the total output of that good by all firms in the industry.