Part A: Which of the following are examples of specialization? Check all that apply. A. Akshay understands people, and Eleanor is an expert on sports; therefore, Akshay is a therapist, and Eleanor is a sports commentator. B. Victor is a fashion designer. He hires a domestic worker to clean his apartment twice a week so that he can concentrate on designing. C. Felix and Megan each spend half the day tutoring and half the day grading papers. In between tutoring and grading papers, they each must spend an hour driving home from the tutoring center and getting set up for grading papers. Part B: Which of the following are necessary conditions for specialization to occur? Check all that apply. A.Individuals focus only on the tasks they prefer. B. Everyone must be equally productive at the same task. C. A system of exchange must be in place. Part C: Megan is one of the top race car drivers in the world. Megan has two kids age 12 and 14. True or False: The principles of comparative advantage and specialization imply that she can benefit by hiring someone else to drive her kids to school, even if the person she hires is not as skilled a driver.
Part A: Which of the following are examples of specialization? Check all that apply. A. Akshay understands people, and Eleanor is an expert on sports; therefore, Akshay is a therapist, and Eleanor is a sports commentator. B. Victor is a fashion designer. He hires a domestic worker to clean his apartment twice a week so that he can concentrate on designing. C. Felix and Megan each spend half the day tutoring and half the day grading papers. In between tutoring and grading papers, they each must spend an hour driving home from the tutoring center and getting set up for grading papers. Part B: Which of the following are necessary conditions for specialization to occur? Check all that apply. A.Individuals focus only on the tasks they prefer. B. Everyone must be equally productive at the same task. C. A system of exchange must be in place. Part C: Megan is one of the top race car drivers in the world. Megan has two kids age 12 and 14. True or False: The principles of comparative advantage and specialization imply that she can benefit by hiring someone else to drive her kids to school, even if the person she hires is not as skilled a driver.
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter2: Economic Systems And The American Economy
Section: Chapter Questions
Problem 1AA
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Question
Part A: Which of the following are examples of specialization? Check all that apply.
A. Akshay understands people, and Eleanor is an expert on sports; therefore, Akshay is a therapist, and Eleanor is a sports commentator.
B. Victor is a fashion designer. He hires a domestic worker to clean his apartment twice a week so that he can concentrate on designing.
C. Felix and Megan each spend half the day tutoring and half the day grading papers. In between tutoring and grading papers, they each must spend an hour driving home from the tutoring center and getting set up for grading papers.
Part B:
Which of the following are necessary conditions for specialization to occur? Check all that apply.
A.Individuals focus only on the tasks they prefer.
B. Everyone must be equally productive at the same task.
C. A system of exchange must be in place.
Part C:
Megan is one of the top race car drivers in the world. Megan has two kids age 12 and 14.
True or False: The principles of comparative advantage and specialization imply that she can benefit by hiring someone else to drive her kids to school, even if the person she hires is not as skilled a driver.
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