Salary caps were instituted to
A. make it so that one team could not sign all of the good talent.
B. reduce overall player costs to teams.
C. keep player salaries from becoming uneven.
D. reduce overall player costs to teams and make it so that one team could not sign all of the good talent.
Answer: D
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Compared to free trade, a ban on imports of a good
A) increases the domestic price of the good. B) decreases consumer surplus. C) results in a deadweight loss. D) All of the above.
The major determinant of an individual's income is
a. whether or not his family is wealthy. b. his personality-if the coworkers and the boss like him. c. how productive he is combined with demand for what he produces. d. if he earns a salary or if he is paid by the hour.
What would be an optimal tax on pollution (a negative externality)?
a) one for which producers internalize the cost of the pollution b) one for which a benevolent social planner is able to maximize production c) one for which producers choose not to produce any pollution d) one for which the value to consumers at market equilibrium exceeds the cost of production (including tax)
In the early 1900s, which of the following was not true?
A. Government intervention was commonly used to stimulate the economy. B. Falling price levels appeared to limit an increase in unemployment. C. Periods of high unemployment tended to be brief. D. Say's Law seemed to work.