Econs.101.Sp.06.quiz1

Econs.101.Sp.06.quiz1 - Professor Schuler Economics 101...

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Professor Schuler Economics 101 Spring 2006 Quiz 1 Wednesday, February 15, 2006 Since the U.S.’s capacity for constructing nuclear weapons dwarfs the capability of most other countries in the world, let’s explore the economics underlying the recent furor over North Korea’s alleged intention to build a bomb. Suppose in a simple two-good economy, the U.S. is capable of manufacturing up to 1,000-fifty kiloton devices per year; whereas, if all of the U.S.’s production capability were turned to growing wheat (a starch), we could produce a maximum of 10,000 million tons of wheat per year. By comparison, North Korea could produce a maximum of 50 million tons of rice (a starch) per year if it doesn’t devote some of its resources to building nuclear weapons. Alternatively, North Korea could produce a maximum of 100-fifty kiloton nuclear weapons per year if they didn’t produce any food (starch). Currently, North Korea requires 48 million tons of rice per year to feed its population, but its leaders
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