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sports economics

Questions and Answers of Sports Economics

5.2 Under global trade rules, the United States was allowed to ban Mexican tuna because Mexico used fishing nets that killed dolphins. (True/False)
5.1 Pricing below production cost or selling at prices in foreign markets less than those in domestic markets is known as
4.7 Trade in Intellectual Property. Trade in interna- tional property (for example, patents, licenses, roy- alty agreements) has been particularly controversial. Go to the intellectual property
4.6 Expansion in the European Union. When the EU originated, member countries generally had similar standards of living. However, with the most recent expansion of the EU, countries that were less
4.3 NAFTA is a free-trade agreement between the United States, Mexico, and 4.4 The average tariff rate in the United States is roughly percent. 4.5 A Major Change in U.S. Trade Policy? In Chapter 7
4.2 The oversee GATT. round. was formed in 1995.
4.1 The latest trade round is called the
3.7 Unfair Competition. We are amused by candle mak- ers asking for protection from the sun under the guise of unfair competition. How does this differ from U.S. producers of clothing claiming there
3.6 Two Countries Fighting Over Airplane Production. Suppose there are monopoly profits in the production of airplanes, but two countries are each determined to capture the industry. When one country
3.5 Learning By Doing? An industry has been operating for 10 years under protection. The government wants to remove the trade protection, but the industry claims that it needs the protection because
3.4 In the 1950s and 1960s, countries in used tariffs and other policies to nurture domestic industries.
3.3 If only one firm can exist in a market, a government may try to subsidize the firm so that the country can share in the profits.
3.2 Knowledge gained during production is known as by doing.
3.1 The -industry argument is often given to provide a rationale for tariffs for new firms.
2.8 Auctioning Import Licenses. In the text we explained that tariffs can be set to have the same effects as import quotas. However, if the government gives import licenses to producers, it will not
2.7 Tariffs and the Poor. Historically, apparel and textiles were subject to high tariffs. Explain why this might hurt low-income consumers more than high- income consumers. (Related to Application 1
2.6 Tariffs on Computer Chips. Suppose a country imposed tariffs on computer chips to protect its chip- making industries. What other types of firms in that economy might object to this policy?
2.5 Incentives for Smuggling. If a country bans imports, smugglers may try to penetrate its markets. Suppose Chipland bans shirt imports, causing some importers to bribe customs officials who "look
2.4 Threatening to impose a tariff on a country's exports if it doesn't open up its markets to trade is an example of a policy
2.3 From the perspective of the government, a (tariff/quota) is better.
2.2 The equilibrium price under an import quota is (above/below) the price that occurs with an import ban and price that occurs with free trade. (above/below) the
2.1 If a country bans the importation of a particular good, the market equilibrium is shown by the intersection of curve and the the curve.
1.8 Short-Term Employment Effects. Explain how trade can adversely affect employment in a sector of the economy that is suddenly opened to trade. What is likely to happen in the long run?
1.7 Measuring the Gains from Trade. Consider two countries, Tableland and Chairland, each capable of producing tables and chairs. Chairland can produce the following combinations of chairs and
1.6 Benefits from Trade. In Country U, the opportu- nity cost of a computer is 10 pairs of shoes. In Country C, the opportunity cost of a computer is 100 pairs of shoes.a. Suppose the two countries
1.5 Finding Comparative Advantage. In one minute, Country B can produce either 1,000 TVs and no com- puters or 500 computers and no TVs. Similarly, in one minute Country C can produce either 2,400
1.4 Trade requires absolute advantage to make both par- ties better off. (True/False)
1.3 Suppose a country has a comparative advantage in shirts but not computer chips. Workers in the chip industry will be with trade.
1.2 The terms of trade is the rate at which two goods can for one another. be
1.1 A country has a comparative advantage if it has a lower cost of producing a good.
4 Why might international trade reduce measured inequality in the United States? Trade, Consumption, and Inequality
3 How does the Commerce Department try to determine whether countries are dumping their products? Are They Really Dumping?
2 Does the concept of "unfair" competition make sense? Protection for Candle Makers
1 Do tariffs (taxes) on imported goods hurt the poor disproportionately? The Impact of Tariffs on the Poor
3.7 Why Has the United States Not Instituted a VAT? The United States differs from virtually all developed countries in that it does not have a VAT. What impor- tant aspect of the U.S. political
3.6 Tax Policy and National Savings. Suppose the gov- ernment launches a new program that allows individu- als to place funds of up to $2,000 in a tax-free account. Do you believe that this will have
3.5 Traditional and Roth IRAs. With a traditional IRA, you get to deduct the amount you contribute from your current taxable income, invest the funds free from tax, but then pay taxes on the full
3.4 Under our current corporate tax system, earnings from corporations that are paid out as dividends are taxed times.
3.3 Most capital gains accrue to low-income individuals because there are more of them. (True/False)
3.2 A sales tax that is levied at all stages of production is known as a(n). tax
3.1 Suppose there is a consumption tax of 20 percent. An individual earns $100 and saves $30. Her tax will be equal to
2.8 What Difference Would Focusing on Asset Prices Make? Suppose you believed the Fed should make its decisions by focusing partly on asset prices, such as stocks or prices of housing, and should
2.7 The Fed on Autopilot. Some economists believe that the Federal Reserve should follow strict rules for the conduct of monetary policy. These rules would require the Fed to make adjustments to
2.6 What Rate for Inflation Targeting? An economist suggests that what matters for financial markets is a stable inflation rate, not a zero inflation rate. As long as inflation is stable, all
2.5 Targeting the Price Level with Supply Shocks. Suppose the Fed has brought the inflation rate down to zero to stabilize the price level. An adverse supply shock (such as an increase in the world
2.4 If the Federal Reserve is more credible, long-term interest rates will be more responsive to changes in -(True/False) short term rates.
2.3 Economist developed a rule for mone- tary policy that maintains a low rate of inflation but allows the Fed to adjust interest rates when output deviates from potential.
2.2 In if they were inflation targeting was adopted in 1992, and elected officials determine the precise infla- tion targets that the central bank must meet.
2.1 Proponents of inflation targeting argue that it would make central banks more committed to a long-run inflation target.
1.9 Policy Options for the Federal Budget. The Web site for the Congressional Budget Office (www.cbo.gov) contains its projections for future budget surpluses and deficits as well as options for
1.8 Tax Smoothing or Strategic Tax Policy? Assume the pressures of an aging population and increases in health-care costs will increase total federal spending in the future significantly.a. Under the
1.7 The Effects of Changing Entitlement Rules. How is a decrease in the age at which workers are eligible for Social Security similar to an increase in the government deficit? (Related to Application
1.6 Interest Rates, Primary Surpluses, Government Debt. The gap between taxes and spending, excluding interest on the debt, is known as the primary surplus. Suppose there is $100 million of
1.5 Debt and Deficits in Belgium. Here are some data for Belgium in 1989: GDP: 6,160 billion Belgian francs Debt: 6,500 billion Belgian francs Deficit: 380 billion Belgian francs Interest Rate on
1.4 Historically, debt/GDP ratios increase during periods of
1.3 When a central bank purchases new government bonds, it is the deficit.
1.2 Proponents of Ricardian equivalence are primarily concerned about deficits crowding out the stock of capital. (True/False)
1.1 If a government runs a deficit, it will outstanding debt. its
3 Can the United States adopt a European-style value-added tax? Is a VAT in Our Future?
2 Did the Federal Reserve cause the housing boom through excessively loose monetary policy? Would a Policy Rule Have Prevented the Housing Boom?
1 What are the long-term fiscal imbalances for the United States? New Methods to Measure the Long-Term Fiscal Imbalances for the United States
5.7 Unprofitable Government Enterprises and Inflation. In some developing countries, govern- ments are forced to support large enterprises that persistently lose substantial sums of money. Why might
5.6 Losing Wars and Hyperinflation. Why do hyperin- flations occur more frequently after countries lose wars than when they win them?
5.5 Hyperinflation and Barter. Some economists and journalists noticed that during Zimbabwe's hyperinfla- tion, the economy was turning to a barter economy. Why do you think this would occur?
5.4 Hyperinflations cannot occur unless the growth rate of is very high.
5.3 Economists call inflation "hyperinflation" when the inflation rate exceeds. percent per month.
5.2 During hyperinflations the velocity of money tends to sharply
5.1 To finance a budget deficit, a government can either borrow from the public or create.
4.7 Velocity of Money in the United States. Using the Federal Reserve Bank of St. Louis Web site (www. research.stlouisfed.org/fred2), calculate the velocity of MI and M2 in 1960 and 2000. How have
4.6 Using the Quantity Equation. If the growth rate of money is 10 percent per year, annual inflation is 7 per- cent, and the growth rate of velocity is 1 percent per year, what is the growth rate of
4.5 Velocity and ATMs. Suppose the introduction of ATMs led households to hold less of their wealth as deposits in banks or savings and loans. How would this affect measured velocity?
4.4 If the growth of the money supply is 4 percent a year, velocity decreases by 1 percent, and there is no growth in real output, the inflation rate equals.
4.3 If we know the growth of velocity, income, and the money supply, we can explain the rate.
4.2 The quantity equation links money, velocity, real income, and
4.1 The velocity of money is defined as income divided by the supply of money.
3.7 Buying Gold to Protect Against Inflation. Consider the following statement: "Since gold is a commodity and prices of commodities by definition increase with inflation, buying gold will protect me
3.6 Pay Incentives for Fed Officials? In the private sector, the pay of executives is typically tied to the performance of their company. Could this work in the public sector as well? Suppose pay for
3.5 Public Pronouncements and Fed Officials. In addition to political and institutional factors, public pronouncements also affect the credibility of the Fed. When Alan Blinder, a Princeton
3.4 When the Bank of England became independent, inflation expectations.
3.3 The evidence shows that lower inflation rates are asso- ciated with central bank.
3.2 In the face of an upward shift in the aggregate supply curve, the Fed can increase the supply of money. This will prevent a recession, but will cause an increase in
3.1 An aggressive union will shift the aggregate supply causing prices to curve and real GDP to
2.8 Oil Price Changes, Vacancies, and the Natural Rate. During the mid-1970s, changes in oil prices required products to be produced by different types of firms in different locations. This raised
2.7 Hysteresis and the Natural Rate of Unemployment. In economics the term "hysteresis" means that the his- tory of the economy has a lingering effect on current economic performance. Using this
2.6 Explaining a Movement in the Inflation Rate. In Figure 16.1 you can see that inflation rose between 1988 and 1989 with little change in the unemploy- ment rate. Can you explain why?
2.5 Targeting the Natural Rate? Because the natural rate of unemployment is the economists' notion of what constitutes "full employment," it might seem logical for the Fed to use monetary policy to
2.4 In the late 1980s, as unemployment fell below the nat- ural rate, inflation
2.3 The increase in the fraction of young people in the labor force that occurred when the baby-boom gener- ation came of working age tended to (raise/lower) the natural rate of unemployment.
2.2 Robert E, Lucas, Jr., explained business cycles by rules of thumb. (True/False)
2.1 If inflation increases less than expected, the actual unemployment rate will be (above/below) the natural rate.
1.8 Examples of Money Illusion. What do the following two quotes have in common?a. "My wages are going up 5 percent a year. If only inflation weren't 5 percent a year, I would be rich."b. "My bank is
1.7 Taxes, Inflation, and Interest Rates. If a business borrows funds at 10 percent per year, the business has a 40 percent tax rate, and the annual inflation rate is 5 percent, what are the real
1.6 Money Neutrality, Long Run Inflation, and the Natural Rate. Explain carefully the relationship between the concept of monetary neutrality and the idea that the natural rate is independent of the
1.5 Inflation: A Recipe for Japan? In the late 1990s, Japan's economy was still in a prolonged slump. Nominal interest rates were approximately zero, which many economists believed limited the scope
1.4 A firm that expects higher profits from higher prices but does not recognize its costs are increasing is suf- fering from
1.3 If the growth rate of money increases from 3 to 5 per- cent, initially interest rates will
1.2 Countries with higher rates of money growth have interest rates.
1.1 The expected real rate of interest is the nominal inter- est rate minus the expected inflation rate. (True/False)
3 What caused a severe hyperinflation to emerge recently in Zimbabwe? Hyperinflation in Zimbabwe
2 Can changes in the way central banks are governed affect inflation expectations? Increased Political Independence for the Bank of England Lowered Inflation Expectations

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