SEM II 2022 Mid-Term Review 1.0

Capitalism is an economic system characterized by:

• Government ownership of goods

• Private/corporate ownership of goods

• Non-profit ownership of goods

• Society ownership of goods

Collective Bargaining is an agreement between:

• Players and sponsors

• Team owners and sponsors

• Sponsors and fans

• Team owners and players

An entire league of professional athletes refusing to show up for work is a:

• Lockout

• Strike

• Blackout

• Wage freeze

Professional sports team owners refusing to allow their athletes to work is a:

• Strike

• Freeze out

• Blackout

• Lockout

A professional athlete who is able to join any team has entered:

• Exclusivity

• Right of first refusal

• Free agency

• Option to renew

Identifying procedures to avoid risk is:

• Risk management

• Liability insurance

• Event insurance

• Risk liability

Actions taken to reduce theft/breakage/wastage in a business:

• Loss prevention

• Security department

• Liability insurance

• Event indemnity

Insurance for promotional events is:

• Lockout insurance

• Risk management

• Prize indemnity

• Security department

The law which outlaws monopolistic business practices:

• Sports Broadcasting Act

• National Labor Relations Act

• Lanham Act

• Sherman Antitrust Act

The law that governs trademarks, service marks and unfair competition:

• Sherman Antitrust Act

• Lanham Act

• National Labor Relations Act

• Sports Broadcasting Act