In 2014 the dollar value of total output was roughly $40 billion in North Korea and $1,600

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In 2014 the dollar value of total output was roughly $40 billion in North Korea and $1,600 billion in South Korea. South Korea devotes 2.7 percent of its output to defense and North Korea devotes 14.8 percent of its output to defense.

(a) Compute how much North Korea spends on its military.

(b) Which nation spends more, in absolute dollars?

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Essentials of Economics

ISBN: 978-1259235702

10th edition

Authors: Bradley Schiller, Karen Gebhardt

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Question Posted: Aug 30, 2017 11:47 PM

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In 2014 the dollar value of total output was roughly $40 billion in North Korea and $1,600

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a 592 billion b South Korea Explanation a North Korea spends appro...View the full answer

Essentials of Economics

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