According to the Textbook,if Homemaking Was Given a Monetary Value,it

question 36

Multiple Choice

According to the textbook,if homemaking was given a monetary value,it

• A)would be equivalent to the amount earned if employed for pay.
• B)would be equivalent to the amount of money necessary to hire help.
• C)would be difficult to calculate because of not fitting an occupational definition.
• D)should be approximately equivalent to the amount of a banker's salary.

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Definitions:

World Demand

The total need or desire for goods and services across the global market.

Comparative Advantage

The knack of entities, whether they are people, companies, or countries, to bring forth goods or services at opportunity costs that undercut those of competitors.

Opportunity Costs

Opportunity Costs represent the benefits that are foregone by choosing one option over an alternative one.

Specialization

The focus by an individual, firm, or country on producing a limited range of goods or services, often to improve efficiency and productivity.