Some superstar athletes in the sports industry earn very high levels of income relative to other occupations, and over time the wage differential has been increasing. What could have caused this?
A) The market power of athletes' unions has increased.
B) Technological advances such as cable television has increased the demand for sports entertainment.
C) The supply of star athletes has decreased.
D) The supply of star athletes has increased due to college athletic programs.
B
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In general, the medium voter model can be described as a powerful model for _____
a. analyzing demand for public goods b. analyzing the dynamics of business cycles c. analyzing demand aggregation in a democracy d. analyzing the supply of politicians
If a firm is unable to distinguish different customer groups
A) it will not use product differentiation. B) it will be unable to maximize profits. C) it will find the quantity to product indeterminate. D) it might use a product line extension.
According to the classical dichotomy, which of the following is not influenced by monetary factors?
a. unemployment b. the price level c. nominal interest rates d. All of the above are correct.
Economists such as James Tobin and Paul Samuelson claimed that _________ provided solid evidence of the effectiveness of Keynesian policies
a. increases in deficit spending accompanied by extremely low unemployment during WWII b. increases in taxes accompanied by rising federal budget surpluses c. increases in the money supply accompanied by falling interest rates d. price controls accompanied by inflation