Why do economists study sports teams when looking for evidence of labor-market discrimination?
a. because the salaries paid to professional athletes exhibit the superstar phenomenon, which is highly correlated with discrimination
b. because all four United States professional sports leagues (football, basketball, hockey, and baseball) require discrimination studies every five years
c. because nonwhites comprise a majority of starters for many professional sports teams
d. because the wide availability of performance statistics allows economists to control for individual player productivity in ways that are difficult to do for other types of firms
d
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Which of the following is not considered to be a determinant of the price elasticity of demand for a particular good?
A) The number of available substitutes. B) The cost of the good relative to total income. C) The quantity of the good that is supplied to the market. D) The time period under consideration.
Equity issues in taxation are inherently positive in nature
a. True b. False
Suppose that consumers' preferences are well behaved in that properties 4-1 to 4-4 are satisfied. Furthermore, assume that both X and Y are normal goods and that the price of good Y increases. Then, which of the following effects is known with certainty?
A. The income and substitution effects will reinforce one another, leading to an overall increase in the consumption of good Y. B. There will be an indeterminate effect on the consumption of good X. C. The income and substitution effects reinforce one another, leading to an overall decrease in the consumption of good X. D. The income and substitution effects reinforce one another, leading to an overall increase in the consumption of good X.
Which of the following variables is used to measure economic growth?
A. real GDP per capita B. nominal GDP per capita C. nominal GDP D. real GDP