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sports economics

Questions and Answers of Sports Economics

10. Which of the following would not be a typical consequence of an import tariff?A. Producer surplus increases in the domestic market.B. Consumer surplus increases in the domestic market.C.
9. Suppose the United States trades with the nation of Ame. The currency of Ame is the quid. If American consumers become infatuated with all products made by Ame, we would expect the _____ dollars
8. The United States and Japan engage in trade with each other.Suppose that the Federal Reserve increases interest rates through monetary policy. Given this, how would the demand for the dollar, the
7. Suppose that Spain and Portugal can both produce wine and cheese. The production possibilities are given in Table 17-4. If these nations trade based on comparative advantage, A. Both nations will
6. Suppose that Spain and Portugal can both produce wine and cheese. The production possibilities are given in Table 17-4. If Spain uses all its resources to produce wine, it can produce 30 units of
5. A trade deficit occurs when a nation imports more goods and services than it exports.
4. If the dollar has appreciated against the euro, we know that the demand for the dollar has increased.
3. Tariffs and quotas both create deadweight loss, but quotas lower the price of an imported product, while tariffs increase the price of that product.
2. If a large nation can outproduce a small nation in all goods and services, there is no way that the large nation can benefit by trading with the small nation.
1. Nations that trade on the basis of comparative advantage can consume beyond their production possibilities curve.
5. Describe how a tariff or quota distorts markets and creates inefficiencies
10. Consider the economy of Ema, which is experiencing stagflation.I. Show the current situation in Ema using an AD-AS model.II. What kind of event could have caused this?III. Suppose that the
9. Consider the economy of Ame, which is in long-run equilibrium.As a result of a decline in the value of homes, household wealth decreases.I. Indicate the effect of this action on output and price
8. Suppose the economy moved from point A to point B. If policy makers engage in expansionary fiscal policy, which of the following is likely to occur? A. Output will return to full employment, and
7. If an economy moved from point C to point B, which of the following would be an effective method of returning to full employment? A. Decreasing government spending B. Selling bonds C. Buying
6. The movement shown from point A to point B could best be explained by: A. A decrease in wealth B. An increase in wages C. An increase in investment D. An increase in optimism Price Level LRAS
5. Suppose the marginal propensity to save is 0.4. The final impact on GDP of a $100 billion injection of government spending will be:A. GDP will increase by $250 billion, regardless of the
4. Which of the following is associated with the Keynesian theory of macroeconomics?A. Sticky prices below full employment B. A horizontal aggregate supply curve below full employment C. A role for
3. Which of the following is associated with the classical theory of macroeconomics?A. A vertical aggregate supply curve B. A horizontal aggregate supply curve C. An upward-sloping aggregate supply
2. The crowding-out effect refers to:A. Decreases in the demand for loanable funds that occur as a result of government deficit spending.B. Decreases in the amount of private investment that occur as
1. Although_____makes up the largest category of GDP in the United States, changes in_____are responsible for most recessions and expansions.A. investment; net exports B. investment, consumption C.
8. Describe the neoclassical synthesis and continuing debates in macroeconomics.
7. Describe and graph how monetary and fiscal policies affect macroeconomic variables such as GDP, unemployment, and inflation.
5. Define the terms crowding-out effect and multiplier effect, show how they affect aggregate demand in the AD-AS model, and be able to calculate the multiplier effect
3. Describe and graph the loanable funds market, and describe what effect government spending may have on the interest rate in this market.
2. Describe and contrast the classical and Keynesian approaches to macroeconomic intervention.
1. Describe the role of the interest rate and investment in the business cycle.
10. If the Federal Reserve increased the money supply, the interest rate would increase. true or false? Explain.
9. If all of a sudden debit cards were made illegal, the demand for money would probably decrease. true or false? Explain.
8. According to the theory of liquidity preference, the Federal Reserve should set an interest rate that clears the money market. true or false? Explain.
7. The Federal Reserve was created in response to the Great Depression. true or false? Explain.
6. The Federal Reserve sets interest rates. true or false? Explain.
5. If the reserve requirement is 5 percent, then an injection of $1,000 will definitely result in an increase of $20,000 in the money supply. true or false? Explain.
4. M2 is sometimes called “near money.” true or false? Explain.
3. Something is money because we believe it to be money. true or false? Explain.
2. Something must have intrinsic value in order to be used as money. true or false? Explain.
1. Anything that cannot perform all three functions of money will not be able to be used as money. true or false? Explain.
5. Describe the role of the central bank and the structure of the central bank in the United States.
3. Describe and model the money market, including how interest rates are determined and how the money supply is increased and decreased
1. Describe the functions and types of money.
10. An inflationary gap would be caused by which of the following changes?A. An increase in the price of energy B. An increase in the wage rate C. An increase in the price of capital D. An increase
9. Which of the following would lead to economic growth?A. A decrease in the wage rate B. An improvement in education C. An increase in consumer confidence D. An decrease in investment
8. Which of the following is a possible explanation for why SRAS is upward-sloping? A. Sticky wages B. The wealth effect C. The exchange-rate effect D. The interest-rate effect
7. Which of the following leads to an initial increase in the aggregate demand of an economy?A. An increase in the price of energy B. A decrease in consumer wealth C. An increase in investment D. An
6. The point in the business cycle when an economy is at “rock bottom” is called the:A. Peak B. Expansion C. Contraction D. Trough
5. A recession is any decrease in a nation’s output. true or false? Explain.
4. It is not possible to produce beyond the full potential employment. true or false? Explain.
3. Long-run equilibrium is associated with an unemployment rate of zero. true or false? Explain.
2. All else equal, if consumer confidence increases, inflation will occur. true or false? Explain.
1. A decrease in LRAS is not possible. true or false? Explain.
5. Describe and graph what is meant by economic growth
2. Describe aggregate demand and aggregate supply.
1. Describe the business cycle.
10. The nation is currently experiencing 4 percent unemployment and expects 2 percent inflation. Given this expectation and the shift in the SRPC shown in Figure 13-2, what was the actual rate of
9. What level of unemployment is associated with the natural rate of unemployment for this economy? Inflation Rate 7 co 6 5 LRPC 4 3 2 1 SRPC 0 1 2 3 4 5 6 7 8 9 Unemployment Rate SRPCO
8. Calculate the rate of inflation for each year.consider the following facts about the Nation of Maxistan. The typical consumer in Maxistan consumes a basket of goods consisting of 2 pounds of
7. Using 1990 as the base year, calculate the CPI for each year.consider the following facts about the Nation of Maxistan. The typical consumer in Maxistan consumes a basket of goods consisting of 2
6. Calculate the cost of the basket of goods for each year.consider the following facts about the Nation of Maxistan. The typical consumer in Maxistan consumes a basket of goods consisting of 2
5. When the rate of inflation is higher than expected, borrowers are better off and lenders are worse off. true or false? Explain
4. The rate of inflation from year to year will not change significantly if you change the base year, but the values of the CPI in each year will change. true or false? Explain
3. To calculate the rate of inflation between any two years, you subtract the CPI in one year from the CPI in the previous year. true or false? Explain
2. The Consumer Price Index measures the increases in prices of all goods and services produced in an economy. true or false? Explain
1. Deflation is a desirable alternative to inflation. true or false? Explain
5. Describe a theorized relationship between inflation and unemployment.
4. Explain the difference between deflation and disinflation.
3. Explain some of the problems that inflation may cause.
2. Define and calculate inflation.
1. Explain the Consumer Price Index.
10. How might this unemployment rate distort the true employment situation? (Hint: Use Jack in your explanation.) The BLS conducted a survey of all the residents of Smallville. Of the 21 residents, 9
9. What is the unemployment rate? The BLS conducted a survey of all the residents of Smallville. Of the 21 residents, 9 were age 15 and under. The following describes the rest of the
8. What is the labor force participation rate? The BLS conducted a survey of all the residents of Smallville. Of the 21 residents, 9 were age 15 and under. The following describes the rest of the
7. What is the civilian, noninstitutionalized population? What is the labor force? The BLS conducted a survey of all the residents of Smallville. Of the 21 residents, 9 were age 15 and under. The
6. Complete Table 12-2.TABLE 12-2 Residents of SmallvilleThe BLS conducted a survey of all the residents of Smallville. Of the 21 residents, 9 were age 15 and under. The following describes the rest
5. Which of the following types of unemployment may actually be both unavoidable and desirable?A. Structural unemployment B. Frictional unemployment C. Seasonal unemployment D. Cyclical unemployment
4. Suppose there is a severe recession and unemployed people stop looking for work. All else equal, which of the following would occur?I. The labor force participation rate would decrease.II. The
3. Which one of the following types of people is not counted as part of the labor force?A. People who are too young to work.B. People who are in the military.C. People who are institutionalized.D.
2. According to the efficiency wage theory, which of the following leads to unemployment?A. Firms are paying a wage that is higher than the market would otherwise generate.B. Firms are paying wages
1. As a percentage of the total labor force, the unemployment rate measures:A. The number of people in an economy who do not have jobs.B. The number of people in an economy who have jobs.C. The
5. Describe what is meant by full employment and the natural rate of unemployment.
4. Describe three theories on why labor markets fail.
3. Describe the differences between structural, frictional, seasonal, and cyclical unemployment.
2. Describe the term unemployment and how to calculate the unemployment rate.
10. Is Maxistan a net exporter or a net importer? Explain. Within the nation of Maxistan in 2010, all of the sales of goods and services can be described as follows: durable goods of $500, new homes
9. Which items sold in Maxistan aren’t counted in GDP? Why aren’t they counted? Within the nation of Maxistan in 2010, all of the sales of goods and services can be described as follows: durable
8. Calculate the GDP of Maxistan. Within the nation of Maxistan in 2010, all of the sales of goods and services can be described as follows: durable goods of $500, new homes of $1,000, used homes of
7. Describe which category of GDP each item sold in Maxistan would fall into, using the expenditures approach to calculating GDP. Within the nation of Maxistan in 2010, all of the sales of goods and
6. A store purchases grogs to put in its storeroom in 2009 for a total of $200. In 2010, the store sells those same grogs for a total of$300. Explain how each of these appears in the calculation of
5. Gross domestic product counts all goods and services that are produced within a country. true or false? Explain.
4. Gross national product is an indication of what is produced within a country’s borders. true or false? Explain.
3. Investment spending is the most volatile portion of GDP. true or false? Explain.
2. In the United States, government spending makes up the greatest percentage of GDP. true or false? Explain.
1. Microeconomics and macroeconomics are different names for the same study of economies. true or false? Explain.
6. Discuss the difference between GDP and GNP.
5. Explain the two methods of calculating GDP.
4. Describe GDP, including the components of GDP and how much of U.S. GDP each component makes up.
3. Discuss the circular flow diagram.
2. Understand what the study of macroeconomics attempts to accomplish, and what it does not try to do.
1. Describe the difference between microeconomics and macroeconomics.
Which is preferable: general or partial equilibrium analysis? Why?
That absent-minded professor is back with another job for you. This time, she’s doing an article on methodology and remembers the following quotation from Marshall’s Principles:We have seen that

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