The suggestions that have been made to allow small-market baseball teams to compete include
A. revenue sharing.
B. both a salary cap and revenue sharing.
C. a salary cap.
D. expansion to smaller cities.
Answer: B
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Suppose $1 will buy 150 yen in January and 200 yen the following December. This change could have occurred if the
A) demand curve for dollars shifted rightward. B) demand curve for dollars shifted leftward. C) supply curve of dollars shifted rightward. D) demand curve for yen shifted rightward.
The above table gives the demand and supply schedules for cat food. If the price is $1
00 per pound of cat food, will there be a shortage, a surplus, or is this price the equilibrium price? If there is a shortage, how much is the shortage? If there is a surplus, how much is the surplus? If $3.00 is the equilibrium price, what is the equilibrium quantity?
A closed economy
A) can save either by building up its capital stock or by acquiring foreign wealth. B) can save only by building up its capital stock. C) can save only by acquiring foreign wealth. D) cannot save either by building up its capital stock or by acquiring foreign wealth. E) can save by avoiding excessive imports.
If a firm hires labor for $8,000, pays rent of $4,000, buys raw materials for $13,000 from another firm, earns profits of $1,200, and sells its output for $31,000, the value added by the firm is _____
a. $4,800 b. $10,000 c. $18,000 d. $25,000 e. $26,200