The Economics of Sports
6th Edition
ISBN: 9781138052161
Author: Michael A. Leeds, Peter von Allmen, Victor A. Matheson
Publisher: Routledge
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Chapter 1, Problem 3DQ
To determine
Explain the benefits behind focusing on single sport.
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The theory of comparative advantage is credited to
Group of answer choices
Adam Smith.
John Maynard Keynes.
David Ricardo.
Milton Friedman.
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.
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 productivity
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The Economics of Sports
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- 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?arrow_forwardHow is the theory of absolute advantage similar to that of comparative advantage? How is it different?arrow_forwardJefferson Franklin 1 wheat 1/2 cotton The table above shows the number of hours required to produce one bushel of cotton and one bushel of wheat for Jefferson and Franklin. If each person specializes according to his comparative advantage(s), a mutually beneficial price ratio would be = 1 wheat= 2/3 cotton 1 wheat = 0.4 cotton Cotton (per bushel) 10 hours 12 hours 1 wheat 1/3 cotton = Wheat (per bushel) 5 hours 4 hours raarrow_forward
- In 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_forwardComparative and absolute advantagearrow_forward1) Write a clearly positive economic statement referring to comparative advantage.Explain why is it a positive statement.arrow_forward
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