Which of the following are examples of specialization? Check all that apply. O Eileen is good at explaining things clearly, and Darnell is an expert on taxes; therefore, Eileen teaches, and Darnell prepares people's tax returns. O Ralph is a musician. He hirés a domestic worker to clean his apartment twice a week so that he can concentrate on composing music. O Albert and Juanita 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.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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Which of the following are examples of specialization? Check all that apply.
O Eileen is good at explaining things clearly, and Darnell is an expert on taxes; therefore, Eileen teaches, and Darnell prepares people's tax
returns.
O Ralph is a musician. He' hirés a domestic worker to clean his apartment twice a week so that he can concentrate on composing music.
O Albert and Juanita 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.
Which of the following are necessary conditions for specialization to occur? Check all that apply.
O A system of exchange must be in place.
O Individuals focus only on the tasks they prefer.
O Everyone must be equally productive at the same task.
Andrew is a famous celebrity chef on a reality television show and is one of the best chefs in the world.
True or False: The principles of comparative advantage and specialization imply that Andrew can benefit by hiring someone else to cook his meals,
even if the person he hires is a worse chef.
O True
O False
L O U O
N
Cri
Transcribed Image Text:Which of the following are examples of specialization? Check all that apply. O Eileen is good at explaining things clearly, and Darnell is an expert on taxes; therefore, Eileen teaches, and Darnell prepares people's tax returns. O Ralph is a musician. He' hirés a domestic worker to clean his apartment twice a week so that he can concentrate on composing music. O Albert and Juanita 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. Which of the following are necessary conditions for specialization to occur? Check all that apply. O A system of exchange must be in place. O Individuals focus only on the tasks they prefer. O Everyone must be equally productive at the same task. Andrew is a famous celebrity chef on a reality television show and is one of the best chefs in the world. True or False: The principles of comparative advantage and specialization imply that Andrew can benefit by hiring someone else to cook his meals, even if the person he hires is a worse chef. O True O False L O U O N Cri
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