- University of Colorado Boulder
- Economics 2010
- Edward R. Morey
- Midterm Questions
Last Modified: 2011-07-15
Related Textbooks:Microeconomics: Economics and the Economy, Version 2.0
- understanding the economic decisions of individuals and institutions performing economic functions, including consumers, borrowers and investors, and their effects on market prices, returns and the resource allocation.
- conceptualizes a world populated by calculating, unemotional maximizers that have been dubbedHomo economicus.
- Linda and Bob are getting married. They are trying to decide how to split up household chores among themselves. Linda can vacuum in 30 minutes, and it takes Bob an hour to do the same task. Linda can also cook dinner in 45 minutes, a task that takes Bob only 15 mins to complete. If both tasks had to be completed, who has a the advantage?
- Bob has an absolute advantage in both tasks and therefore has the comparative advantage.
- Linda has an absolute and comparative advantage in vacuuming and Bob has an absolute and comparative advantage in cooking dinner.
- Linda has a comparative advantage in both tasks and therefore has the absolute advantage.
- Bob has a comparative advantage in vacuuming and Linda has a comparative advantage in cooking dinner, therefore, Bob has an absolute advantage in completing both tasks.
- ANSWER: B
Killing the other guy and ate him. Efficiency increasing or not?
It was a voluntary transaction. Argument: he knows his own preferences.
Efficiency Increasing...b/c ?
The fact that you knew this happened made you worse off
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