Sports final review

The best way an economist would describe discrimination is as

• a market failure

• a taste

• a negative externality

• a prejudice

In the labor market, a monopsony

• hires more workers at a lower wage

• hires more workers at a higher wage

• hires less workers at a lower wage

• hires less workers at a higher wage.

All of the following can affect the real impact of a mega events except

• public choice theory

• the substitution effect

• leakages

• overcrowding

Ex post studies on mega events typically find that the economic impact is negatable compared to the costs. What idea explains why cities still choose to host such an event?

• Specific infrastructure is built

• public choice theory

• negative externalities

• market failures

The paper by Scully tried to estimate

• why baseball players are paid so much

• how free agency affect wages

• apprentice wages

• how underpaid baseball players were

The United Autoworkers Union (UAW) is a(n) _________ union

• craft

• industrial

• monopolized

• inefficient

In a bilateral monopoly, wages will be:

• Equal to what would be paid by a monopsonist

• Equal to what a union would demand.

• Equal to what would be paid in a perfectly-competitive labor market.

• Between the wages paid by a monopsonist firm and the wages demanded by a union.

The pay of hockey players is so much below that of basketball players because

• the opportunity cost of hockey players is so much lower.

• the exchange rate favors teams in the United States over Canada.

• greater TV revenue increases the marginal revenue product in the NBA.

• greater TV revenue increases the marginal revenue product in the NHL.

True or false: NASCAR races have a non-linear prize structure like a golf tournament.

• True

• False

True or false: Roster limits in team sports tend to drive up player wages.

• True

• False