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Most advanced nations have both agricultural sectors and armaments industries. They do not completely specialize in one industry or the other; but generally produce some of both commodities.
(a) State the principle of increasing marginal opportunity cost.
(b) Is this incomplete specialization consistent with the principle of increasing opportunity costs? Explain your answer in the context of the tradeoff between guns and butter.
Dr.Strangelove
A fictional character and title of a satirical film that explores themes of nuclear conflict and political satire.
Soviet Union
A former federal socialist state in eastern Europe and northern Asia, existing from 1922 to 1991, known for its communist government.
Gas Pump
A mechanical device at a fuel station used to dispense gasoline or diesel into the fuel tanks of vehicles.
Local Ordinance
Laws, rules, or regulations that are passed and enforced by a local government authority, applicable only within its jurisdiction.
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