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sports economics

Questions and Answers of Sports Economics

62. Suppose the Consumer Price Index is 105 in 2009, 108 in 2010, and 113 in 2011. The inflation rate from the base year to 2011 was:A. 8 percent B. 13 percent C. 5 percent D. 113 percent
61. In the United States, the most widely used measure of price inflation is the:A. Wage index B. Consumer Price Index C. Unemployment index D. Producer Price Index
60. In the town of Hickory, population 1,200 citizens, there are 1,000 people above the age of 16. Of those 16 years old or older, 200 people are out of the labor force and 600 are working at least
59. In the town of Hickory, population 1,200 citizens, there are 1,000 people above the age of 16. Of those 16 years old or older, 200 people are out of the labor force and 600 are working at least
58. The theory that firms pay workers a wage that exceeds the market wage in an effort to increase the productivity of workers is known as the _____ theory.A. discouraged worker B. minimum wage C.
57. Sharon was recently fired from her only job and last week had a job interview. Sharon is classified as:A. Employed B. Unemployed C. Out of the labor force D. Retired
56. When the number of unemployed persons is divided by the number of persons in the labor force, we calculate the:A. Export-import rate B. Discouraged worker rate C. Labor force participation rate
55. Which component of the economy fluctuates the most from year to year?A. Consumption spending B. Government spending C. Investment spending D. Export spending
54. If GDP is calculated using the expenditures approach, the following formula would be used: A. GDP B. GDP C. GDP D. GDP ===== C-I-G+(X-M) C+I+G+(M-X) = C+I+G+(X-M) W+R+I+PR
53. An American consumer buys a stereo made in Japan. This purchase would enter the calculation of GDP in Japan as:A. Import spending B. Government spending C. Consumer spending D. Export spending
52. In the circular flow diagram, households _____ their inputs in _____ markets and _____ goods and services in _____ markets.A. buy; factor; buy; product B. sell; factor; buy; product C. buy;
51. Nations use _____ to measure the value of all goods and services produced within the nation.A. gross domestic product B. macroeconomics C. gross national product D. government spending
50. The demand for factors of production like labor is referred to as a(n) _____ demand because the demand for the factor is partly determined by the demand for the product that the factor
49. The labor market for carpenters is in equilibrium. If interest rates are very low and this prompts a boom in new home construction, how is the market for carpenters affected?A. Demand for
48. Rebecca is currently employing labor at a wage of $12 per unit, and capital at a rate of $25 per unit. The marginal product of labor is currently equal to 48 units, and the marginal product of
47. In Table 5, if the competitive market wage is equal to $30 per employee and the competitive price of the output is $3, how many workers will be employed to maximize profit? A. 3 B. 4 C. 5 D. 6 #
46. The firm in Table 5 sells each unit of output in a perfectly competitive product market at a price of $4. The value of the marginal product of labor for the fourth worker is equal to: A. $54 B.
45. Which of the following scenarios best describes an oligopoly?A. There is only one bank in a small town.B. Thousands of small soybean farmers offer their output to the global market.C. The firms
1.44. Suppose the grocery giants Kroger and Safeway are independently deciding whether to build a new store in Mexico City. The game matrix shown here gives the choices and payoffs of this game (in
43. Suppose the grocery giants Kroger and Safeway are independently deciding whether to build a new store in Mexico City. The game matrix shown here gives the choices and payoffs of this game (in
42. Select the choice that is not consistent with the model of monopolistic competition.A. Barriers to entry exist in the long run.B. Product differentiation exists.C. Economic profits are equal to
41. The grocery market in the city of Mossy Bottom is monopolistically competitive. Frannie’s Fresh Foods is currently maximizing her profit, and she is earning an economic profit.Given this, firms
40. Suppose the government wishes to regulate this monopolist so that profits are equal to zero. In this case, output is _____ and price is _____. A. Q; P3 B. Q Ps 5
39. In Figure 4, the profit-maximizing output and price are:A. Q3 and P3 B. Q1 and P5 C. Q1 and P1 D. Q4 and P4
38. If a profit-maximizing monopolist can engage in perfect price discrimination, ________________.A. consumer surplus will equal producer surplus.B. economic profit will equal zero.C. deadweight
37. In the long run, the monopoly outcome is where A. PMR MC B. PMR MC C. P MR MC D. P = MRMC
36. Which of the following choices correctly describes a monopolist?A. Deadweight loss exists because the marginal cost exceeds the price of the last unit sold.B. Rivals are blocked from entering the
35. If the market price is $7.50, what are the profit-maximizing level of output and the total economic profit or loss? Q TFC TVC TC 0 $20.00 $ 0.00 $ 20.00 1 $20.00 $ 1.50 $ 21.50 2 $20.00 $ 6.00 $
34. Which of the following is not a long-run outcome of perfectly competitive markets?A. Total welfare is maximized.B. Average total costs are minimized.C. Deadweight loss occurs.D. Allocative
33. The long-run price and quantity for this perfectly competitive firm are:A. P1 and Q4 B. P2 and Q3 C. P4 and Q1 D. P3 and Q3 Price P P2 P3 P4 MC ATC AVC Q Q2 Q3 Q4 Firm's Output (Q)
32. The perfectly competitive price of a grunk is $10. A profitmaximizing grunk producer calculates that the average total cost of making grunks is $7 and the average variable cost is $4. If the firm
31. A perfectly competitive firm is producing where profit is maximized and the price is below the average total cost. In the long run, what do we expect to happen to the number of firms in the
30. Assume the market for bread is in equilibrium. If the demand for bread increases and the supply of bread decreases, how will the price and quantity of bread change in the market? A. B. AACE Price
29. The market for gasoline in the city of Smoggybottom is in equilibrium. Which of the following policies would create deadweight loss in the gasoline market?A. A price floor B. A price ceiling C.
28. Suppose the market in the graph is in equilibrium. What could cause the equilibrium price to rise to $8 and the quantity to rise to 20 units? A. The price of a substitute good falls.B. The price
27. In equilibrium, producer surplus is equal to: A. $48 B. $24 C. $32 D. 16 units of output Price 10 8 6 + 0 12 16 S 20 20 D Quantity
26. This market will come to equilibrium at a price of _____ and a quantity of _____. A. $8; 16 B. $6; 16 C. $4; 12 D. $16; 6 Price 10 8 6 + 0 12 16 S 20 20 D Quantity
25. What may have caused the change seen in Figure 1?A. The price of fertilizer increased.B. The price of lettuce increased.C. Workers conducted a labor stoppage to protest working conditions in the
24. Last month the price of coffee was $2 per pound and 1,000 tons were supplied by producers. This month the price remained at$2, but 1,200 tons were supplied. It is most likely that:A. The supply
23. The law of supply is consistent with the notion that:A. Supply curves are upward-sloping in both the short run and the long run.B. Supply curves are horizontal in the short run and upward-sloping
22. Suppose the price elasticity of supply of good Y is 2. If we observe that the quantity of good Y supplied has decreased by 6 percent, we can conclude that:A. The price of good Y has decreased by
21. Which of the following would cause the supply of carrot cake to increase?A. Several suppliers of carrot cake have recently gone out of business.B. The price of carrot cake has increased.C. The
20. Which of the following statements incorrectly describes short-run production and cost relationships?A. When the marginal product of labor is falling, the marginal cost is rising.B. When the
19. Which of the following production or cost equations is correctly stated? A. TVC TC-TFC B. AP =LXTP ATP C. MP L AQ ATC D. MC= AL
18. Given the short-run cost data in Table 3, which of the following choices best describes the shape of the marginal cost curve? A. Vertical B. Upward-sloping C. Downward-sloping D. Horizontal
17. Given the short-run cost data in Table 3, what is the total fixed cost associated with producing 36 units of output? A. $350 B. $100 C. $250 D. $50 Total Output (Q) Total Cost 0 $100 8 $150 18
16. Mr. Funelli has a pizza restaurant. Which of the following is most likely a fixed input in his short-run production of pizzas?A. The cans of tomato sauce that he buys from a supplier.B. The
15. All else equal, when the price of laptop computers falls by 5 percent, we observe that computer manufacturers see total revenues increase. What explains this?A. The demand for laptop computers is
14. When the price of carrots increases by 2 percent, suppose the quantity of peas demanded rises by 4 percent. Given this, we can say that:A. Carrots and peas are normal goods, and the income
13. Suppose the price elasticity of demand for good X is 1.5. If the price of X falls by 5 percent, we expect quantity demanded to rise by:A. 5 percent B. 7.5 percent C. 15 percent D. 3.33 percent
12. Which of the following best reflects the law of demand?A. The price of gasoline increased, and Stan reduced his driving for a week.B. Stan received a pay raise and bought a new bike.C. The price
11. The demand for gasoline has decreased. Which of the following could have caused this to occur?A. The price of gasoline increased.B. Income increased, and gasoline is a normal good.C. The price of
10. Brody is currently spending all of his income on coffee and bagels. The price of coffee is $2 per cup, and the price of bagels is$3 each. Suppose that Brody’s current marginal utility for a cup
9. Table 2 shows a consumer’s marginal utility from consuming additional slices of pizza. If there is no price for buying a slice of pizza, how many slices of pizza will maximize his total
8. Table 2 shows a consumer’s marginal utility from consuming additional slices of pizza. If this consumer eats 3 slices of pizza, how many utils of total utility will he enjoy?A. 3 B. 45 C. 12 D.
7. Josh purchases cans of soup (S) and video games (V) with his income of $100. His budget constraint can be written as:Given this information, which of the following combinations would lie on
6. Josh purchases cans of soup (S) and video games (V) with his income of $100. His budget constraint can be written as:Given this information, the most soup that Josh could buy with his income is:A.
5. Sherman enjoys buying cans of soda from the vending machine at his office. Cans of soda from the machine cost $1.50. Given Sherman’s daily marginal benefit for cans of soda, he will buy _____
4. Which of the following headlines is best classified as a macroeconomic topic?A. “The Ford plant in Louisville will rehire 100 production workers.”B. “The price of gasoline has fallen by 10
3. When a consumer weighs the additional benefit of doing something against the additional cost of doing it, it is said that she is engaging in:A. Resource analysis B. Consumer analysis C. Marginal
2. Kelly has a difficult decision to make concerning how she should spend two hours this evening. She can study for her economics exam, she can babysit and earn $10 per hour, or she can work at the
1. A nation has a productive lobster fishery off the coast. Which of the nation’s economic resources do the lobsters represent?A. Labor B. Land C. Capital D. Food
10. Economic research uses the scientific method. true or false? Explain.
9. Theoretical research tests ideas, while empirical research creates ideas. true or false? Explain.
8. The goal of economic research is to produce a journal article. true or false? Explain.
7. A published finding is unassailable. true or false? Explain.
6. When forming a research question, you should conceptualize it in the broadest possible terms. true or false? Explain.
5. Research in peer-reviewed journals may be several years old. true or false? Explain.
4. An individual researcher must collect her own data. true or false? Explain.
3. Collecting data on inflation between 2000 and 2011 and presenting it in a table would be considered research. true or false? Explain.
2. Primary sources such as Wikipedia, an encyclopedia, and news outlets should be used in doing a literature review. true or false? Explain.
1. A book report is an example of economic research. true or false? Explain.
4. Describe the peer-review process of an academic economics journal.
1. Describe what economic research is and what it is not.
10. Coinsurance can mitigate the problem of moral hazard true or false? Explain.
9. Healthcare is not rationed in the United States. true or false? Explain.
8. A risk premium reflects the potential risk of a loss. true or false? Explain.
7. Insurance mandates would solve the problem of moral hazard, but would worsen adverse selection. true or false? Explain.
6. If all healthcare were self-financed, moral hazard would not be an issue. true or false? Explain.
5. It would be appropriate to use a traditional competitive market model to analyze healthcare markets. true or false? Explain.
4. The U.S. healthcare system could be considered a private system. true or false? Explain.
3. The largest number of Americans get health insurance through individual markets. true or false? Explain.
2. Given the U.S. tax system, an additional $1 worth of health insurance is worth less than an additional $1 in income. true or false? Explain.
1. Healthcare is the second-largest industry in the United States. true or false? Explain.
4. Explain the premium death spiral and the benefits and drawbacks of insurance mandates.
3. Define asymmetric information and moral hazard, and describe how these affect healthcare markets.
2. Describe why healthcare is fundamentally different from other goods and how increasing competition may have unintended consequences in healthcare markets.
1. Briefly describe the historical development of the U.S. healthcare financing system.
10. Figure 18-11 shows the market for crunks. The unregulated crunk market will produce an equilibrium price of _____ and an equilibrium quantity of _____. Price MSC MPC = S P3 P2 P Po Q2 Q D
9. Figure 18-11 shows the market for crunks. From the graph, we can see that crunks are a:A. Private good that generates a positive externality B. Public good C. Private good that generates a
8. Which of the following would not be an appropriate policy to reduce pollution caused by power plants?A. Issue a fixed quantity of pollution permits to power plants so that they can be traded in a
7. Suppose the market for gleeks generates a negative externality. At the market equilibrium, which of the following is true? A. MSC MPC = MSB B. MSC MPC - MSB C. MSC MPC> MSB D. MSC MPC > MSB
6. Which of the following is the best example of a public good?A. Mountain bikes B. Cable TV C. Electricity D. Scientific research
5. If the consumption of a good creates a positive externality, it is true that the marginal social benefit exceeds the marginal social cost at the market equilibrium quantity. true or false? Explain.
4. Command-and-control pollution standards tend to be more efficient than taxes on pollution. true or false? Explain.
3. Negative externalities create market failure, but positive externalities do not. true or false? Explain.
2. One reason why public education is subsidized by the government is that education creates a positive externality. true or false? Explain.
1. The presence of free riders prevents the market from producing cheeseburgers effectively. true or false? Explain.
4. Explain how policies can remedy these externalities and provide more efficient outcomes in those markets
1. Explain the difference between private and public goods.

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