At which time is the opportunity cost likely to be higher to go ...

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At which time is the opportunity cost likely to be higher to go to war, during a recession or during an economic boom? Explain your answer fully.
 
  What will be an ideal response?

Question 2

What factors explain why high-skilled workers are paid more than low-skilled workers?
 
  What will be an ideal response?

[jonathanballen97]

Answer to Question 1

It is likely that going to war during an economic boom is more costly because many men and women who join the military or are drafted will more than likely be leaving behind a productive job. The rest of the country will experience a permanent sacrifice in terms of all the goods and services that will not be produced by them. During a recession many men and women are without jobs so the opportunity cost of deploying them in war is lower.

Answer to Question 2

High-skilled workers have a higher value of marginal product than that of low-skilled workers. This fact causes the demand for high-skilled labor to exceed that of low-skilled labor and is one reason why high-skilled workers' wages are higher than low-skilled workers' wages. In addition, high-skilled workers require compensation for having acquired the skill. Thus, the supply of high-skilled labor is less than the supply of low-skilled labor, which also causes the wages paid high-skilled workers to exceed those paid low-skilled labor.

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YES! Correct, THANKS for helping me on my review

[Joy Chen]

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