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What is the opportunity cost (in civilian output) of a defense buildup that raises military spending from 3 to 3.7 percent of a(n) $14 trillion economy? Instructions: Enter your response rounded to the nearest whole number billion

Respuesta :

Answer:

$98 billion

Step-by-step explanation:

The computation of the opportunity cost is shown below:

= Difference in military spending × economy ÷ percentage

where,

The Difference in military spending is

= 3.7 - 3

The Economy is $14 trillion

And, the percentage is 100

Now placing these values to the above formula

So, the opportunity cost is

= (3.7 - 3) × $14 trillion ÷ 100

= 0.7 × $14 trillion ÷ 100

= $98 billion

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