Salary caps are imposed when league officials believe some football team owners are taking advantage of their deep pockets and buying more quality players than the other owners can afford to buy. Which of the following criteria are they using to guide their actions?
A. growth
B. efficiency
C. stability
D. equity
Answer: D
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Explain the four assumptions on which the theory of consumer choice is based. Select one of these assumptions and explain what would happen if this assumption did not hold true
What will be an ideal response?
Which of the following statements would Milton Friedman disagree with?
A) Monetary policy has few short-run effects on the real economy. B) In the long run, changes in the money supply primarily affect the price level. C) In practice, there is little scope for using monetary policy actively to smooth out business cycles. D) The Federal Reserve cannot be relied on to effectively smooth out business cycles.
All of the following concepts are related EXCEPT
A. Competition. B. Government planning and regulation. C. The invisible hand. D. The price mechanism.
GDP per capita is a relatively good measurement of:
A. the distribution of income. B. purchasing power. C. household production. D. the standard of living.