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Chapter 1
Give the three reasons that explain why the division of labor increases an economy’s level of production.
Are households primarily buyers or sellers in the goods and services market? In the labor market?
Suppose you have a team of two workers: one is a baker and one is a chef. Explain why the kitchen can produce more meals in a given period of time if each worker specializes in what they do best than if each worker tries to do everything from appetizer to dessert.
Chapter 2
Could a nation be producing in a way that is allocatively efficient, but productively inefficient?
Individuals may not act in the rational, calculating way described by the economic model of decision making, measuring utility and costs at the margin, but can you make a case that they behave approximately that way?
What are diminishing marginal returns?
What assumptions about the economy must be true for the invisible hand to work? To what extent are those assumptions valid in the real world?
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