The biggest factor in separating out baseball teams in terms of revenues is
A. memorabilia sales.
B. the cost of living in the city.
C. local television contracts.
D. ticket sales.
Answer: C
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America's antitrust laws are used to protect competition against possible encroachment by monopoly. This is an example of government as
a. regulator of businesses. b. buyer of goods and services. c. tax collector. d. redistributor.
The cost disease of personal services stems primarily from the fact that
a. prices rise too slowly to provide public receipts. b. inflation has been with us since the early 1970s. c. personal service requires direct contact between producer and consumer. d. sellers of personal services have strong unions.
To display information on two variables, an economist must use
a. a bar graph. b. a pie chart. c. the coordinate system. d. a time-series graph.
In an economic model, assumptions
A) must be applicable to all real-world situations. B) must be eliminated before being used to make sure the model is realistic. C) are not important in determining the usefulness of the model. D) define the set of circumstances in which the model is most likely to be applicable in the real world.