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economics 14th global

Questions and Answers of Economics 14th Global

True or false; explain your answer: “The new stadium was entirely privately funded because all the city contributed was a 50-acre lot on which to build it.”
If you are a Red Sox fan, do you want the Yankees to be able to finance a new stadium through the use of municipal bonds? Explain.
If a city already has sports infrastructure in place, should it frequently bid for mega-events? Should relatively poor countries refrain from hosting?
How does the economic impact of holding the Super Bowl in Minneapolis, Minnesota—the site of Super Bowl LII—compare with holding it in Miami or New Orleans at the same time?
Why would a Super Bowl at Ford Field in Detroit have more of an impact on Detroit than a regular season Detroit Lions game that draws the same number of fans?
If you are the mayor of a city hosting the Super Bowl, do you want the hometown team to make it to the championship game?
If you had a choice, would you rather your city (or the nearest large city) host a major sports franchise or a mega-event such as the World Cup or Olympics? Why?
Suppose the IOC announced that it would hold all of its Summer Games in Athens and all of its Winter Games in Sapporo. What is the likely impact on the monopoly power of the IOC, the IOC’s ability
Using the concepts of the substitution effect, leakages, and crowding out discussed in this chapter, discuss whether a small city like Indianapolis or a big city like Los Angeles would benefit more
Every summer, a large number of the world’s sports economists meet for a conference in a major city in the western United States. If the schedule permits, the economists always try to go to a local
Are winner-take-all (or winner-take-most) contests a good reward mechanism? Would you want to take part in them at your workplace?
Use a graph similar to Figure 9.5 to show the effect on league salaries of:a. An increase in the number of players availableb. A decrease in television revenues due to fan preferences for drama
Show what would have happened to the Lorenz curve in Figure 9.10 if Novak Djokovic, Andy Murray, and Stan Wawrinka had all lost in the first round of the US Open in 2016. 0.8 0.6 0.4 0.2 0 0.02 80'0
Some observers claim that free agency has reduced the quality of play in professional sports. Use the model of human capital accumulation to explain why this might be so.
In the late 1930s and early 1940s, Joe Louis handily defeated a series of opponents who came to be known as the “Bum of the Month Club.”Use what you know about rank-order tournaments to explain
Use supply and demand curves to explain how the development of the interstate highway system, which allowed fans to travel much greater distances to watch ballgames, increased pay disparities between
Show how the Prisoner’s Dilemma led to massive doping in international track and field. What can authorities do to prevent doping from becoming a dominant strategy?
Are professional athletes exploited today?
Give an economic interpretation of the deadweight loss that accompanies monopsony. What would eliminate this inefficiency?
Explain how each of the following would affect the salaries in the NBA:a. The Chinese government creates a new basketball league to rival the NBA.b. A change in the tax laws reduces the profitability
How has the luxury tax discouraged the New York Yankees from signing free agents to high salaries?
What would happen to the contract zone between MLB and the MLBPA if Congress repealed MLB’s exemption from the antitrust laws?
Suppose the NBPA had staged a strike at the depths of the Great Recession in 2009. What would economic conditions have done to the contract zones of the NBA and the NBPA?
The NBA forced Donald Sterling to sell his stake in the Los Angeles Clippers because he made disparaging remarks about blacks, but the NFL still has a team called the Redskins. Did the NBA go too
The International Olympic Committee now allows athletes to selfidentify as male or female. What do you think of this policy?
Should professional sports be pressured to field teams that reflect the population of the US? Would you advocate the same policy for General Motors?
Suppose George Preston Marshall had been telling the truth and that integrating the Redskins would have severely damaged the team financially. What should the government do in such a case?
An NFL running back comes to you, claiming that black running backs are the victims of racial discrimination by teams. Devise an econometric model that would test his claim. What finding would prove
Under what circumstances would market forces fail to eliminate discrimination?
Why was the NFL able to exclude black players in the 1930s? Why did this color line collapse so quickly in the early 1950s?
A professional sports team refuses to hire women as executives because it feels their family duties do not allow them to devote adequate time to the team. Is this discrimination? Justify your answer.
In 2016, the British Open awarded about $8.5 million in prize money, while the British Women’s Open awarded only $3 million. Is this evidence of gender discrimination in golf? Why or why not?
Draw a set of indifference curves (as described in Appendix 9A) depicting a franchise owner with a taste for discrimination against Europeans. Put the number of Europeans on the vertical axis and the
Should the NCAA be exempt from the antitrust laws? Why or why not?
Should college athletes be paid? If not, why not? If so, how can one design a system that neither bankrupts most colleges nor discriminates against women?
If college sports are a public good, what can you say about the amount of it a university will supply? What can the university’s administration do to resolve this problem?
Use the model of efficient cartel operation to explain why the University of Wisconsin receives a greater portion of bowl revenue than Utah State University.
What makes an incidental cartel different from other cartels? Why was the NCAA an incidental cartel?
Use economic theory to explain why almost all the Southeastern Conference’s football and basketball teams integrated within a few years of one another.
Use supply and demand analysis to show and describe the dramatic increase in men who coach women’s basketball teams.
1. Using the expenditure approach, calculate the GOP of Canada in 2018 (fourth quarter}, using the data below. 2. What percentage of GOP is made up by each of the four sectors of the economy? 3.
Pick an DECO country that you can study throughout the macroeconomics part of the course. The exercises will allow you to build a good case study of this country. There are several resources that you
Read the following extract concerning the oil spill in the Gulf of Mexico in 2010. How does the issue highlight the importance of valuing natural resources in national income accounts? Referring to
Make an annotated copy of the business cycle diagram, noting: • the different phases through which an economy is likely to pass • the positive and negative features of such phases • the
Make four graphs to illustrate the following information about your DECO country for the last five years: 1. growth rate [you have the data from exercise 13.2) 2. unemployment rate 3. inflation
Distinguish between GDP, GNI, real GDP and real GNI per capita.
1. Draw a SRAS curve and label it SRAS. (Be sure to label the axes correctly.)2. Add a new SRAS curve demonstrating an increase in SRAS. Label this SRAS3. Explain two possible reasons for this
Using the Keynesian model: 1. Draw and fully label an AD/AS diagram with AD at a level that creates a deflationary/recessionary gap. 2. Identify the three different phases of the Keynesian AS curve
Citizen A in a country earns $130,000 and pays $12,000 in taxes. Citizen B earns $55,000 and pays $10,000 in taxes. Explain whether the tax structure is progressive or regressive. (HL only)
Identify whether each of the following elements represents an invisible import, a visible import, an invisible export or a visible export on the UK current account. 1. UK computer manufacturers buy
Outline three of the Sustainable Development Goals.
Explain the relationship between sustainability and poverty.
Mexico has labor laws that specify a daily (rather than hourly) minimum wage. In 2018, the daily minimum wage in Mexico was about 103 pesos per day, and the exchange rate between Mexican pesos and
In 2017, an estimated 7.7 million Mexican-born immigrants were employed in the United States.a. If 60 percent of the Mexican-born immigrants remitted money to family members in Mexico in 2017, and if
A mathematical approximation called the rule of 70 tells us how long it will take for something to double in size if it grows at a constant rate. The doubling time is approximately equal to the
True or False. A higher price level increases aggregate expenditures.
If the government decreases expenditures, the AE curve will shift _______ and the AD curve will shift _______.a. down; leftb. down; rightc. up; leftd. up; right
Compare and contrast the Bretton Woods system of exchange rates with that of the gold standard. What caused the collapse of the gold standard? What caused the demise of the Bretton Woods system?
Think back to the gold standard period. If the United States suffered a recession, to what degree could it engage in expansionary monetary policy?
Suppose Zeeland pegs its currency, the zee, at 1 zee = 36 grains of gold. Aeeland pegs its currency, the aeellar, at 1 aeellar = 10 grains of gold.a. What is the exchange rate between the zee and the
Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in the following table.a. What is the market equilibrium rental price per month and the market
True or False. A price ceiling will result in a shortage only if the ceiling price is greater than the equilibrium price.
Explain how affirmative and negative majority votes can sometimes lead to inefficient allocations of resources to public goods. Use Figures 5.2a and 5.2b to show how society might be better off if
Explain the paradox of voting through reference to the accompanying table, which shows the ranking of three public goods by voters Colbert, Fallon, and Kimmel: Rankings Public Good Colbert Fallon
Look back at Figures 5.2a and 5.2b, which show the costs and benefits to voters Garcia, Johnson, and Lee of two different public goods that the government will produce if a majority of voters support
Consider a specific example of the special-interest effect and the collective-action problem. In 2012, it was estimated that the total value of all corn-production subsidies in the United States was
last word What is the purpose of charging different prices to different groups of customers? Supplement the two broad examples in the Last Word with two additional examples of your own.
In 2017, Leonardo da Vinci’s painting Salvador Mundi sold for $450 million. Portray this sale in a demand and supply diagram and comment on the elasticity of supply. Comedian George Carlin once
Ariya likes to play golf. The number of times per year that she plays depends on the price of playing a round of golf, Ariya’s income, and the price of other types of entertainment—in particular,
In the last decade or so, there has been a dramatic expansion of small retail convenience stores (such as 7-Eleven, Kwik Trip, and Circle K), although their prices are generally much higher than
Rank each of the following three gift possibilities in terms of how much utility they are likely to generate, and explain your reasoning: a store-specific gift card worth $15, a $15 item from that
Consider two bundles of coffee and chocolate and how Ted feels about them. The first bundle consists of two cups of coffee and two chocolate bars. The second bundle consists of one cup of coffee and
Bill spends his money on flowers and cookies so as to maximize his total utility. The price of flowers and cookies is $2 each. At that price, Bill buys three flowers and two cookies. When the price
For each of the following cognitive biases, provide at least one example from your own life.a. Confirmation biasb. Self-serving biasc. The overconfidence effectd. Hindsight biase. The availability
Give an example from your own life of a situation where you or someone you know uses a precommitment to overcome a selfcontrol problem. Describe why the precommitment is useful and what it
Distinguish among accounting profit, economic profit, and normal profit. Which type of profit determines how entrepreneurs allocate resources among different business ventures? Explain.
Suppose that minimum efficient scale for producing items with a 3-D printer is 100 times what a typical family would consume in a year. Would you expect each family to have its own 3-D printer? What
You are given an old car by your uncle, who wants you to keep it in working condition so that you can hand it off to your younger brother in three years. It will cost you $1,500 per year to keep it
What is systems engineering and how has Elon Musk applied systems engineering to cut costs and increase profits? Are Musk’s innovations subject to competition, copycats, and creative destruction?
Assume a monopolistic publisher has agreed to pay an author 10 percent of the total revenue from the sales of a book. Will the author and the publisher want to charge the same price for the book?
Companies cannot use Big Data to set personalized prices with 100 percent precision. What will happen if personalized prices are set higher than customers’ reservation prices? Will this outcome
The MR curve of a perfectly competitive firm is horizontal. The MR curve of a monopoly firm is:a. horizontal, too.b. upward sloping.c. downward sloping.d. it depends.
What would you expect to happen to the proportion of big chain restaurants relative to mom-and-pop restaurants in a town that lowers its minimum wage? Will the proportion change due to exits or due
What is the meaning of a four-firm concentration ratio of 60 percent? 90 percent?
Facepalm, Instarant, and Snaphat are rival firms in an oligopoly industry. If kinked-demand theory applies to these three firms, Facepalm’s demand curve will be:a. more elastic above the current
Consider the effect that corporate profit taxes have on investing. Look back at Figure 15.4. Suppose that the r line is the rate of return a firm earns before taxes. If corporate profit taxes are
In 2018, General Motors (GM) announced that it would reduce employment by 14,000 workers. What does this decision reveal about how GM viewed its marginal revenue product (MRP) and marginal resource
To save money, some fast-food chains now have their customers place their orders at computer kiosks. Will the kiosks necessarily reduce the total number of workers employed in the fast food industry?
Speculate as to why we see unnecessary occupational licensing only in some industries but not in others. Consider who gets the costs, who enjoys the benefits, and how hard it would be to organize
The figure in the Last Word section shows that a 10-fold increase in a country’s GDP per person is associated with about a 20-point increase in EPI. However, GDP per person was $53,342 in the
On what basis were the airlines found guilty of violating antitrust laws in the Airline Tariff Publishing case? What was the remedy? By contrast, why might it be hard to prosecute algorithmic
Distinguish between price loss coverage and agricultural risk coverage. How do they help reduce the volatility of farm income? In what way do farm subsidies perpetuate the longstanding problem of too
What groups benefit and what groups have lost from the U.S. Conservation Reserve Program? Are the intended beneficiaries of the program actually doing better as a result of the program? Explain.
In 2017, it was estimated that the total value of all corn-production subsidies in the United States was about $5.2 billion. The population of the United States was approximately 326 million people
What are the main arguments for and against UBI? What is your personal opinion on the probable effects of UBI?
True or false. If women are crowded into elementary education and away from fire fighting, wages in fire fighting will tend to be lower than if women weren’t crowded into elementary education.
In September 2018, The Wall Street Journal (WSJ) reported that a growing shortage of labor in Eastern European countries such as Hungary was driving up wages and reducing business income.The reason
What is the relative importance of family sponsorship (of permanent residency applications) in the United States as compared with Australia and Canada? What factor do Australia and Canada emphasize
Which of the following markets is most accurately characterized as a goods market? The market for:A. coats.B. sales clerks.C. cotton farmland.
The observation "As a price of a good falls, buyers buy more of it" is best known as:A. consumer surplus.B. the law of demand.C. the market mechanism.

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