Superstar professional athletes can sustain their economic rents because:
A. team owners will pay anything to win a championship.
B. their opportunity costs of playing their sport are high.
C. they are represented by highly-skilled agents.
D. they have unique talents that they can sell to the highest bidder.
Answer: D
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A diagram that shows the maximum amount of one type of good that can be produced in an economy, given the production of the other is known as
A) an indifference curve. B) the tradeoff schedule. C) the production possibility frontier. D) the balance of trade.
The main difference between a repo and federal funds transaction is that
A) the repo transaction uses the securities for collateral while the federal funds transaction does not have collateral. B) the federal funds transaction uses securities for collateral while the repo transaction does not have collateral. C) the repo transaction has an agreed upon interest rate while the federal funds transaction has a spread between the sale and purchase price of securities. D) the federal funds transaction is normally overnight while the typical repo agreement is for 90 to 180 days.
If the money supply grows at 6% and the inflation rate is 2%, the quantity theory predicts that the change in real GDP will be
A) 0.33%. B) 3%. C) 4%. D) 8%.
In recent years, the average prison sentence for managers convicted of violating the Sherman Act is ________ years.
A) five B) two C) three D) ten