ESSENTIALS OF ECONOMICS
11th Edition
ISBN: 9781260225334
Author: SCHILLER
Publisher: RENT MCG
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Question
Chapter 1, Problem 8P
To determine
(a)
To calculate: The output devoted by North Korea on the military.
To determine
(b)
To find:The nation which spends more on the military.
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NEWS WIRE
NORTH KOREA'S ROCKETS DEEPEN FOOD CRISIS
North Korea's Rocket Launches Cost $1.3 Billion
North Korea's rocket program is costly. In December 2012 North Korea successfully launched a long-range rocket carrying a satellite into space. That feat cost $300 million. The entire cost of the rocket program last year - including the failed launch in April - totaled about $1.3 billion according to estimates by South Korea experts. With that much money North Korea could have purchased 4.6 million tons of corn - enough to feed its population for 4-5 years. North Korea's ambitious nuclear program costs nearly triple that amount. The burden of North Korea's military program is evident in widespread poverty and periodic starvation.
Source: News accounts of December 2012 - January 2013.
According to the News Wire, what is the opportunity cost of North Korea's rocket program in terms of corn for North Korea's 25 million people?
million tons of corn
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