Mark Can Cook Dinner in 30 Minutes and Wash the Laundry

question 73

Multiple Choice

Mark can cook dinner in 30 minutes and wash the laundry in 20 minutes while his housemate John can cook dinner in 15 minutes and wash the laundry in 30 minutes.How should they allocate their work?

• A)Mark should cook dinner based on his comparative advantage
• B)John should cook dinner based on his absolute advantage
• C)John should cook dinner based on his comparative advantage
• D)Mark should do the laundry based on his absolute advantage

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Definitions:

International Differences

The variations or disparities between countries and cultures, covering aspects such as legal systems, social norms, economic policies, and cultural practices.

Feudalism

A legal arrangement in preindustrial Europe that bound peasants to the land and obliged them to give their landlords a set part of the harvest. In exchange, landlords were required to protect peasants from marauders and open their storehouses and feed the peasants if crops failed.

Manufacturing Production

The process of converting raw materials or components into finished goods through the use of machinery and labor in factories.

Means of Production

The resources, such as land, factories, and tools, required for the production of goods and services.