Question

Mini Quiz (You do not need explanation, just answers from multiple questions.)

1, The Endangered Species Act was originally passed in

• the 1980's.

• the 1930's.

• the 1970's.

• the 1990's.

2, Applying the concept of "clean enough" to climate change, an economist means the

• reversal of climate change such that the average cost of the restoration equals the average benefit of the restoration.

• restoration of the climate to its pre-industrial state, without regard to the consequences.

• slowing down or reversal of climate change such that the marginal cost of the effort equals the marginal benefit of the effort.

• slowing down or reversal of climate change such that the total cost of the effort equals the total benefit of the effort.

3, Most baseball franchises have ________ over the years while the sale price of the typical team has ________.

• made a profit; risen

• lost money; fallen

• made a profit; fallen

• lost money; risen

4, Economists note that a reason exists for policy makers to subsidize sports stadiums, and it is that

• the teams make people happy - even those who don’t go to the games.

• they bring in billions of dollars to their communities.

• they result in large increases in city payrolls.

• they result in enormous increases in taxes.

5, The typical problem for generating parity in sports leagues is that

• there is no means by which players on one team can move to another.

• with no salary cap and with unlimited free agency, big city, high-revenue teams have an advantage.

• no one wants it.

• there is no mechanism for bringing in new talent in a way that helps the bad teams.

6, When considering the wage that owners can pay a player, a reserve clause results in the wage being closer to the player's

• marginal revenue product.

• total revenue product.

• marginal cost.

• reservation wage.

7, The value of a sports franchise to a city’s economy depends greatly on

• the degree to which restaurant revenues rise.

• the degree to which noncitizens spend money in the city.

• the degree to which non-ticket-based sales increase.

• the sale of memorabilia to citizens.

8, The economic value of your college's basketball team is

• decreased if there is more than one college in the area.

• less than it may seem because people substitute a game for another local activity.

• increased if there is more than one college in the area.

• more than it may seem because people substitute a game for another local activity.

9, Jobs in the U.S. textile industry can be saved by imposing tariffs upon textiles imported into the U.S., but the cost to U.S. consumers is estimated to be approximately

• $23,000 annually per job saved.

• $148,000 annually per job saved.

• $49,000 annually per job saved.

• $94,000 annually per job saved.

10, Which of the following works to limit trade by explicitly raising prices (i.e. as a tax)?

• Non-tariff regulatory barriers

• Buy "American advertising"

• Tariffs

11, A quota that limits U.S. imports of cane sugar

• harms U.S. consumers more than it helps U.S. producers.

• helps both U.S. consumers and U.S. producers at the expense of foreign producers.

• harms foreign producers more than it helps U.S. producers.

• helps U.S. producers more than it hurts U.S. consumers.

12, Of the arguments for limiting trade, which one is the most appealing to economists?

• helping an industry that is in trouble

• protecting the profits of companies

• protecting the jobs of citizens

• preventing other countries from getting a comparative advantage by their use of environmentally irresponsible actions

13, Of approximately 140 million jobs in the U.S., each year, approximately

• all jobs eliminated are attributable to global outsourcing.

• 30 million are eliminated and 31 million are created.

• 31 million are eliminated and 30 million are created.

• all jobs eliminated pay lower wages than the new jobs created.

Answer 1

1 ) C ) 1970 's

Endangered species act was passed in 1973

2) C) Marginal cost of effort is equal to marginal cost of benefit

3 ) A) made a profit,risen

Baseball franchise have made a profit with increase in revenue and the sale price is also increased.

4 ) D) they result in enormous increase of taxes

5) B) with no salary cap with unlimited free agency high revenue teams have an advantage

6 ) A) marginal revenue product

7) C) the degree to which non ticket sales increases

8) D) more than people substitutena game for another activity

9) c) 49000 anaually per job saved

10) C) Tarriffs

11 ) D) All options are correct

12) D) Preventing other countries geting comparitive advantage by use of environmentally irresponsible actions

13) B) 30 million are eliminated and 31 million are created