Describe How the Level of U

question 31

Essay

Describe how the level of U.S.military expenditures has varied as a percentage of GDP since 1945.Provide a brief discussion of what caused the level of military expenditures to vary over the years.

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Definitions:

Society

A group of individuals involved in persistent social interaction, or a large social group sharing the same geographical or virtual territory, typically subject to the same political authority and dominant cultural expectations.

Marginal Revenue

The extra income generated from selling one additional unit of a product or service.

Marginal Cost

The rise in expense associated with the production of one more unit of a product or service.

P > MC

A condition where the price (P) of a good is greater than the marginal cost (MC) of producing it, typically indicating the potential for profit.