EBK THE ECONOMICS OF SPORTS
6th Edition
ISBN: 8220106898277
Author: LEEDS
Publisher: YUZU
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Chapter 1, Problem 3DQ
To determine
Explain the benefits behind focusing on single sport.
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Suppose you have a team of two workers: one is a baker and one is a chef. Your baker is talented but is inexperienced. Your chef is not only an elite chef but is also faster at baking.
If your kitchen specialized according to absolute advantage, who would do the cooking? Who would do the baking?
If your kitchen specialized according to comparative advantage, who would do the cooking? Who would do the baking?
Which approach above is more efficient? Explain your answer.
The theory of comparative advantage is credited to
Group of answer choices
Adam Smith.
John Maynard Keynes.
David Ricardo.
Milton Friedman.
You plan to spend your weekend working at your father’s superstore for a wage, but your friends ask you to go to play cricket at the weekend. What do you think is the true cost of spending your weekend playing cricket with friends?
Chapter 1 Solutions
EBK THE ECONOMICS OF SPORTS
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- q50c- Explain who should grow apples and who should grow wheat using the concept of comparative advantage. Who is the buyer on the market for wheat? Who is the seller?arrow_forwardHow is the theory of absolute advantage similar to that of comparative advantage? How is it different?arrow_forwardExplain how the theory of absolute advantage conflicts with the theory of mercantilismarrow_forward
- Economic theory suggests that we can increase productivity by: Specializing according to absolute advantage. Specializing according to comparative advantage. Specializing according to either absolute or comparative advantage. It is impossible to increase productivityarrow_forwardIn the past, comparative advantages have sometimes shifted from one nation to another. What factors do you think caused these shifts? Why? Was there anything a nation could have done to prevent an advantage from shifting to another nation?arrow_forwardThe principal concept behind comparative advantage is that a nation should maximize its volume of trade with other nations use tariffs and quotas to protect the production of vital products for the nation concentrate production on those products for which it has the lowest domestic opportunity cost strive to be self-sufficient in the production of essential goods and services A tariff is a ? Tax Price ceiling Quantity limit Subsidyarrow_forward
- Which of the assumptions of comparative advantage seem unrealistic? Fixed technology and imperfect competition in the market Unemployment in perfect competition Immobile factors of production and higher transportation costs Fixed technology and imperfect competition in the labour market Free trade and immobile factors of productionarrow_forwardA producer has a comparative advantage in a good if it is the lowest opportunity cost producer of this good, even if it is not the most efficient producer of this good. True Falsearrow_forwardAn economy is said to have a comparative advantage in the production of a good if it can: produce that good with more resources than another economy. produce that good with a higher opportunity cost than another economy. produce that good outside its production possibilities curve. produce the good at a lower opportunity cost than another economy.arrow_forward
- Q90 When opportunity costs differ between countries, ... a. Comparative advantages may not exist. b. Only the larger countries will benefit from trade. c. Each country should produce only those goods for which it has an absolute advantage. d. Specialisation and trade can lead to increases in the production of all commodities. e. Only the smaller countries will benefit from trade. Clear my choicearrow_forwardWhy is it important that the country or region with the lower opportunity cost produce the good? How would you use the concept of comparative advantage to argue for reducing restrictions on trade between countries?arrow_forwardQ82 One region has an absolute advantage over another region in the production of good X when... a. The first region has a larger supply of the raw materials required to produce good X. b. An equal quantity of resources can produce more of good X in the first region than in the second region. c. The opportunity cost of one unit of X is lower in the first region than in the second region. d. The first region has a more productive labour force than the second. e. There is no demand for good X in the second regionarrow_forward
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