The National Collegiate Athletic Association (NCAA) has long argued that nationally-prominent college athletes are compensated with an investment in human capital that far exceeds the monetary reward of playing professional sports. Examine this argument in light of your knowledge of human capital theory and the economic theory of labor markets
Many economists would argue that the NCAA is the most exploitative organization in the United States, considering the value that star student athletes contribute to a university. Most would argue that the education that star student athletes receive is of less value than what the athletes contribute.
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What is the law of one price?
What will be an ideal response?
According to classical economists, when aggregate demand decreases
A) unemployment is reduced, the price level increases, and equilibrium real GDP is reached. B) unemployment is reduced, the price level decreases, and equilibrium real GDP is reached. C) unemployment temporarily increases, the price level increases, and equilibrium real GDP is reached. D) unemployment temporarily increases, the price level decreases, and equilibrium real GDP is reached.
The fact that monopolistically competitive firms charge a price that exceeds marginal cost is responsible for the
a. business-stealing externality that is observed in monopolistically competitive markets. b. product-variety externality that is observed in monopolistically competitive markets. c. inefficiencies of the long-term losses earned by monopolistically competitive firms. d. persistence of positive profits into the long run for monopolistically competitive firms.
A free rider is one who enjoys the benefits of a public good without paying for it.
Answer the following statement true (T) or false (F)