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sports economics

Questions and Answers of Sports Economics

That absent-minded professor is back with another job for you. This time, she’s doing an article on economic planning, and she remembers that somewhere Galbraith had an entire chapter devoted to
Explain the Austrian criticism of mainstream economics concerning the assumption of perfect knowledge and evaluate the significance of this critique.
How does government work, according to the public choice theorists? What are the implications of this for making and executing economic policy?
Post-Keynesians differentiate between risk and uncertainty. What is the distinction, and what relevance does it have for economic theory?
How would a traditional institutionalist be likely to respond to a neoinsti- tutionalist?
“It is a far better thing to have a firm anchor in nonsense than to put out on a troubled sea of thought.” Discuss this statement in relationship to non- mainstream methodology.
What is Galbraith’s theory of countervailing power, and how does it modify mainstream conclusions?
Explain and critically evaluate Gunnar Myrdal’s argument concerning the impossibility of developing economic theory that is free of value judgments.
Do you accept Bowles and Gintis’s argument that school is primarily a means of providing individuals with a union card to higher-paying jobs? How would you test this theory?
Given the economic failure of socialism, all radical economists should become neoclassical economists. Discuss this statement.
Distinguish between the classical and the Bayesian approaches to econometrics.This time, that absent-minded professor is doing an article on empirical methods in economics. She remembers that
What do you think W.C. Mitchell might have thought about Christopher Sims’s vector autoregression approach to macroeconometrics?
Why does data mining undermine the classical econometric approach?
What is the probabilistic approach to econometrics? Why is it important?
What is the identification problem? How did Working solve it?
How would you explain obtaining different elasticity estimates, depending on whether you regressed price on quantity or quantity on price?
How can Moore’s upward-sloping demand for pig iron be justified?
Distinguish econometrics from mathematical economics.
How does technology affect the development of economic thought?
Is “measurement without theory” a fair summary of the institutionalist approach to empirical work?
How might supporters of common-sense empiricism defend themselves from the criticism that they are simply unable to understand the technical issues that econometrics resolves?
In a speech she will be giving, your employer wants to cite Keynes’s famous quotation about practical men being “slaves of some defunct economist.” Your assignment is to find the quotation.
How does new growth theory relate to its classical economics roots?
Why would a new classical be likely to argue against a need for a macro- foundation to microeconomics?
What are some problems with IS-LM analysis?
Distinguish between sound finance and functional finance.
What did Keynes think the chief benefits and defects of capitalism were?
Why did classical economists find the concept of “demand for output as a whole”problematic?
Was Keynesian theory contextual or noncontextual? Why is it important to know which it was?
How does the income version of the quantity theory differ from the transaction version?
How did Schumpeter’s view of the future of capitalism differ from Marx’s?
Why were most classical economists pessimists in their views of growth theory?
What is the relationship between mercantilist theory and Keynesian theory?
That absent-minded professor is back with another job for you. This time, she’s doing an article on reconstructing general equilibrium theory and remembers that Paul Samuelson had an interesting
Which is preferable: contextual or noncontextual analysis?
The domain of economic reasoning is expanding into other social sciences. Is this a good thing?
What does the lemons model imply about the efficiency of a market system?
What is the relationship between Lagrange multipliers and prices?
What does Paul Samuelson mean by a meaningful theorem? Are there other interpretations?
Edward Learner, an economist at UCLA, has suggested that the profession should distinguish between a mathematical economist and an economic theorist. What do you think he means?
Why does Paul Samuelson believe that Marshall’s dictum on using mathematics?
How did microeconomics evolve from the 1930s to the 1950s?
What is the distinguishing feature of modern economics?
That absent-minded professor is back with another job for you. This time, she is doing an article on fascism and economics, and she remembers that Hayek had some interesting things to say on the
Write an essay on the progress made by economists in the former Soviet Union in understanding the difficulties of allocating resources in a system in which prices do not reflect social costs.
What do you think is the relationship between economic systems and freedom?
If the conditions that hold under perfectly competitive capitalism could be duplicated under socialism, socialism could rationally allocate resources. Explain.
How could rational prices be determined for factors of production in a socialist society in which there are no markets for nonlabor factors of production?
What were the key issues in the debate about socialism that began in the 1920s?
The recent dramatic changes in some formerly socialist countries have given us greater insight into the stabilizing role that democracy plays in any system. Explain.
One can construct a convincing argument for an economic system by comparing a theoretical system to an existing system. Explain.
Write an essay in which you describe some of the difficulties of defining capitalism and socialism.
That absent-minded professor is back with another job for you. This time, she’s doing an article on demography, and she remembers that Veblen had something witty to say about conspicuous
What part, if any, of neoclassical theory would Hobson be willing to accept?
Why was Mitchell’s antitheoretical position more successful than Veblen’s alternative theoretical position?
How would Veblen respond to the argument that the market directs self- interest toward societal interest?
Distinguish the institutionalist thought of Veblen, Mitchell, and Commons.
Summarize the recurring themes in the institutionalist thought of Veblen, Mitchell, and Commons.
Mitchell often used Veblen as the best example of why one should eschew theory. Why?Was Mitchell correct?
Who are “captains of erudition,” and how might Veblen’s use of such terms have influenced his career?
How would current economic theory be different if the historical school had won the Methodenstreit?
The philosopher Henri Bergson has described time as a device that prevents all things from happening at once. What is the implication of this statement for orthodox economic theory, and how does it
100. Most current economic research involves collecting data to statistically test hypotheses on how some economic variables affect other variables. This type of research is broadly known as:A.
99. Raquel is working on her term paper in her economics class. She has gathered years of data and has begun to statistically measure the impact that a higher minimum wage has on teenage employment.
98. Terrence owns a chain of convenience stores. He notices that when the weather is hot, he sells more cold fountain drinks.Terrence believes that there is a direct relationship between the high
97. Economic research is said to follow the scientific method because:A. A hypothesis is statistically tested with available data and either confirmed or refuted.B. A theory is confirmed with
96. Samuel is a graduate student in economics and is beginning the research for his thesis. He is reading and summarizing what previous economists have discovered about his topic. At this stage in
95. One way for a health insurance company to reduce the problem of moral hazard is to increase each policyholder’s:A. Coverage B. Copayment C. Monthly premium D. Loading fee
94. The problem of _____ affects the market for health insurance because the sickest people would be the most willing to pay for insurance.A. insurance mandates B. asymmetric information C. adverse
93. Suppose there is a health insurance pool of 1,000 people. Within the pool, 1 percent of the people will get very sick and suffer$200,000 in medical bills, while the other 99 percent of the people
92. When Betty was hospitalized for pneumonia, she was responsible for paying the first $1,000 of her bill, and her health insurance company paid the rest. This $1,000 payment represents Betty’s:A.
91. Mr. Pham receives health insurance from his employer that will pay nearly 100 percent of any illness or injury that he may suffer, after he pays a small deductible. Suppose Mr. Pham, now that he
90. The socially efficient quantity of pollution is the quantity where:A. The MSB = 0 for the last ton of pollution emitted.B. The MSC = 0 for the last ton of pollution emitted.C. Zero tons of
89. Which of the following best describes a situation that generates a positive externality?A. A trash incinerator is located in your neighborhood.B. A farmer spreads chemical pesticides that leak
88. According to Figure 7, which of the following policies would remedy the externality in the market for good X?A. Impose a per-unit tax equal to (P2 − P1).B. Impose a per-unit subsidy equal to
87. According to Figure 7, the market for good X exhibits a _____ externality because, at the market equilibrium quantity, the _____ is greater than the _____.A. negative; MSB; MPB B. negative; MSC;
86. Of the following choices, the best example of a public good is:A. A cell phone B. The local police department C. A bottle of aspirin D. A ticket to the opera
85. An American clothing company sells a T-shirt to a consumer in Canada. This transaction would show up as _____ in the U.S._____ account.A. an increase; current B. a decrease; current C. an
84. If goods produced in America become more popular in foreign countries, all else equal, we would expect:A. Demand for the U.S. dollar to decrease, appreciating the dollar against other currencies
83. Suppose that England and Ireland can both produce bread and butter. The production possibilities are given in Table 6. Given these production possibilities: A. England will export butter to
82. Suppose that England and Ireland can both produce bread and butter. The production possibilities are given in Table 6. If England uses all its resources to produce bread, it can produce 30 units
81. Suppose the produpction possibilities curve for a nation is linear.If all of the nation’s resources are used to produce cars, 1,000 cars can be produced. If all of the nation’s resources are
80. Suppose the economy is currently in a recession as a result of weak aggregate demand. If policy makers take no action, we expect long-run economic output to ______ and the price level to _____.A.
79. If the ecoppnomy is experiencing very low unemployment but a high inflation rate, the appropriate open market operation would be to:A. Raise taxes B. Lower government spending C. Sell Treasury
78. The marginal propensity to consume is 0.90. If government spending were to increase by $5 billion, this spending would multiply to a total of:A. $500 billion B. $40 billion C. $15 billion D. $50
77. If the economy is in a recession, the best fiscal policy would be to:A. Increase taxes with no change in government spending.B. Increase the money supply.C. Increase government spending with no
76. The _____ theory of macroeconomics believes that the _____ curve is vertical at full employment GDP.A. classical; aggregate supply B. classical; aggregate demand C. Keynesian; short-run aggregate
75. Suppose the demand for money increases. According to the liquidity preference theory, this will increase the _____ in the money market.A. real GDP B. Consumer Price Index C. unemployment rate D.
74. After Aunt Thelma passes away, the members of her family find$1,000 that has been hidden in the toaster for many years. They deposit the $1,000 into a new checking account. If banks have a
73. After Aunt Thelma passes away, the members of her family find$1,000 that has been hidden in the toaster for many years. They deposit the $1,000 into a new checking account. If banks have a
72. Suppose that Patrick takes $100 from his piggy bank and puts it into his checking account. How will this affect the M1 and M2 measures of money supply? A. No change Change in MI Change in M2
71. The paper currency that nations use today (like U.S. dollars and Mexican pesos) is referred to as ______ money. It can be used to purchase goods and services because the government declares that
70. If the SRAS in the economy depicted in the graph is allowed to adjust to a long-run equilibrium, what would happen to factor prices, the SRAS curve, the unemployment rate, and the price level?
69. The economy depicted in the graph is currently in short-run equilibrium. What must be true of this economic situation? A. The economy is currently at full employment.B. The unemployment rate is
68. If the economy is in short-run equilibrium, what is the expected short-run impact of an increase in consumer optimism?A. Aggregate demand increases, increasing the price level and increasing real
67. Which of the following statements are accurate?I. The aggregate demand curve is downward-sloping because of the interest-rate effect.II. The aggregate demand curve is downward-sloping because of
66. Aggregate demand in the macroeconomy will shift to the right with:A. An increase in household wealth B. An increase in interest rates C. A decrease in consumer optimism D. A decrease in
65. Figure 5 shows the macroeconomy in both the short run and the long run. In the long run, the unemployment rate will be _____ and the inflation rate will be _____.A. 4 percent; 7 percent B. 8
64. Which of the following groups are likely to not be hurt by rapid, unexpected inflation?A. Workers paid a salary that is fixed by a long-term contract B. Retired autoworkers receiving a fixed
63. Cartman’s annual salary increased by 3 percent from 2010 to 2011. Over the same period of time, the Consumer Price Index increased from 100 to 102. Given this, we can say that:A. Cartman’s

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