Question

In: Economics

TOPIC: MILTON FRIEDMAN 1. Which of the following statements about the history of conscription before World...

TOPIC: MILTON FRIEDMAN

1. Which of the following statements about the history of conscription before World War II is most accurate? "The United States _________."
a. always had a draft in place, although during a few quite periods it didn't draft anyone.

b. always relied on volunteers, although the threat that Congress might create a draft meant that many volunteers were in fact "reluctant volunteers" trying to get in before the "good" jobs were taken.

c. used the draft in major wars, but relied on volunteers in peacetime and for "smaller wars," such as the Spanish-American war.

d. perversely, relied on draftees for smaller colonial wars such as the Philippine-American war, but relied on volunteers in the major wars, such as the Civil War, which were popular.

2. In the years leading up to the establishment of the all-volunteer army, opponents of an all-volunteer army argued that conscription (drafting soldiers) saved the United States billions of dollars. Economists such as Milton Friedman and Walter Oi countered by claiming that ___.
a. the savings from conscription were merely a transfer from soldiers to taxpayers
b. in fact taxpayers would pay less for an all volunteer army because it would be more efficient
c. although an all-volunteer army was costly it forced the soviets to cough up even more money and so kept us on a par with our enemies
d. although an all-volunteer army was costly, it was a worthwhile investment because it would buy off student radicals.

3. In the early 1970s advocates of the all-volunteer army argued that a draft by lottery would have a higher opportunity cost (economic costs) than an all-volunteer army because _____.
a. taxes would be higher with an all-volunteer army

b. taxes would be lower with an all-volunteer army

c. wages of soldiers would be higher with an all-volunteer army

d. highly skilled workers might be drafted

Solutions

Expert Solution

1. 'C' is correct answer because, before world war II in 1917 the administration of President Woodrow Wilson decided to rely primarily on conscription, rather than voluntary enlistment, to raise military manpower for World War I when only 73,000 volunteers enlisted out of the initial 1 million target in the first six weeks of the war.

2. 'B' is correct amswer because, bpth milton friedman and waltair oi argued that all voluntory army is good for the army becuase only those enthusiasts will join the army and will be more efficient than the draft.

3. 'C'is correct answer because, for example, the cost to a Professional baseball player and to an unemployed worker. Both might have the same attitudes toward the army and like—or dislike—a military career equally; but because the one has such better alternatives than the other, it would take a much higher sum to attract him. When he is forced to serve, we are in effect imposing on him a tax in kind equal in value to the difference between what it would take to attract him and the military pay he actually receives.


Related Solutions

1. In the Lesson of the Pencil video, Milton Friedman describes how the production of pencils...
1. In the Lesson of the Pencil video, Milton Friedman describes how the production of pencils has been impacted or shaped by specialization and the division of labor. What does Friedman attribute this to? In other words, what makes it all possible? 2. In the 1960s, the U.S. Boeing Aircraft Company decided to drop out of the race to build a supersonic (i.e., faster than the speed of sound) plane like the Concorde and built the Boeing 747 instead. Boeing...
1. (a) According to Milton Friedman; "The Social Responsibility of Business is to increase its profits."...
1. (a) According to Milton Friedman; "The Social Responsibility of Business is to increase its profits." Do you agree with this proposition? B. Analyze four (4) justification for businesses engaging in corporate social responsibilities.
According to Friedman Milton on his essay "The Role of Monetary Policy" 1. What is monetary...
According to Friedman Milton on his essay "The Role of Monetary Policy" 1. What is monetary policy? 2. Why can't monetary policy peg interest rates and the rate of unemployment for more than very limited time periods (long run) 3. What can the monetary policy do? 4. Explain the effects of rising income (liquidity preference schedule, demand for loans, prices) 5. What is the relationship between interest rates and the quantity of money 6. What is the similarity between Wicksell's...
Which of the following statements about the Information Age is true? As the world civilizations were...
Which of the following statements about the Information Age is true? As the world civilizations were sequentially moving through the Stone, Agricultural, Industrial and Informational ages, the average life expectancy has been slowly but steadily increasing. Improvements in the quality of goods and services in the informational age are not easily captured by the common measures of nations' economic output, such as GDP. Modern economists predict that somewhere around the year 2100 most countries in the word will attain the...
Which of the following statements) about the history of transaction processing isare) true? (Check all that...
Which of the following statements) about the history of transaction processing isare) true? (Check all that apply. When computers were invented, we digitized journals and ledgers and created transaction files and master files that did the job of paper. based journals and ledgers. Originally, people kept track of transactions using a single-entry accounting system When the number of master files proliferated, we combined multiple files into databases, which have grown much smaller and simpler We used double bookkeeping systems with...
Research Milton Friedman. Topics should include history of who he is, his experience relating to the economy of his time period, and his contributions to economics.
  Research Milton Friedman. Topics should include history of who he is, his experience relating to the economy of his time period, and his contributions to economics. You should place the most emphasis on his beliefs and contributions to economics.  
Which of the following statements about evaluating a single project where costs occur before benefits is...
Which of the following statements about evaluating a single project where costs occur before benefits is FALSE? Group of answer choices A. In an NPV profile that shows how NPV changes when cost of capital changes, NPV equals zero when the project discount rate equals IRR. B. In general, the difference between the cost of capital and the internal rate of return (IRR) is the maximum amount of estimation error in the cost of capital estimate that can exist without...
1. Nobel Prize–winning economist Milton Friedman stated in a New York Times Magazine article in 1970...
1. Nobel Prize–winning economist Milton Friedman stated in a New York Times Magazine article in 1970 that the only “social responsibility of a business is to increase its profits.” Using the stakeholder theory and corporate examples, please explain if this statement is right or wrong in today's business environment. 2. What are the big ethical dilemmas of the twenty-first century? Please discuss a corporate example facing ethical dilemmas regarding its consumers.
Which of the following statements is INCORRECT regarding life history traits? A. Variations in life history...
Which of the following statements is INCORRECT regarding life history traits? A. Variations in life history traits can result in different adult morphologies B. An organism's life history refers to how it is allocating its energy and resources to different functions, such as growth or reproduction C. Life history strategies are determined by allocation of energy and resources between growth and reproduction, but have nothing to do with an organism's survival D. Members of the same species can have different...
1. Which of the following statements is true about a 95% confidence interval in which the...
1. Which of the following statements is true about a 95% confidence interval in which the population mean is contained within the interval 3.2 to 3.8? (1 point) Select one: a. The width of this interval is 0.016. b. The sample mean is 3.5. c. The margin of error is 0.6 d. The confidence interval of 95% uses 2.576. 2. Researchers conducted a survey to examine the difference between the proportion of females who vote and the proportion of males...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT