An Economist Would Be Most Likely to Argue That the U.S

question 76

Multiple Choice

An economist would be most likely to argue that the U.S. national defense should be funded through tax revenues because:

• A)U.S. citizens are not likely to voluntarily pay for it.
• B)the government is always a more efficient provider of goods than the private market.
• C)the government always seeks to act benevolently on behalf of its citizens.
• D)individuals who refuse to contribute cannot be excluded from benefiting from national defense.
• E)defense equipment and machinery is very costly and huge amounts of tax revenues are required for it.

Distinguish between private and common ownership and its implications on care and conservation of resources.

Appreciate the role of technology and efficient communication in reducing transaction costs and enabling greater volumes of trade.

Understand the economic rationale for specialization and comparative advantage in producing goods and services.

Understand the concept of transaction costs and their impact on market exchanges.

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Definitions:

Primordial Follicle

The earliest form of an ovarian follicle, consisting of an immature egg surrounded by a single layer of cells, present from birth in females.

Vesicular Follicle

A fluid-filled structure in the ovary that contains a maturing egg and releases it during ovulation.

Extraembryonic Membrane

Membranes outside the embryo, such as the amnion, chorion, yolk sac, and allantois, that support the development of the embryo.

Symmetrical Development

A biological condition or process characterized by balance and proportionate growth of body parts or shapes on both sides of a plane or axis.