In the United States, barriers to entry in professional team sports (for example, football and baseball) result from
A) the draft of college players, which grants teams exclusive signing rights to individual players.
B) long-term leases teams sign for stadiums and ballparks in major cities.
C) the reserve clause, which is a provision in contracts of professional athletes that require them to play for specific teams over the length of their contracts.
D) television contracts, which give networks the exclusive rights to broadcast games.
B
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Who would the BLS count as unemployed? The person who
A) searches for a job after retiring from the military. B) quits work and intends to stay at home raising his kids. C) was fired from work and decides to attend college full time rather than seek work. D) is dissatisfied with her present job and spends hours reading the help-wanted ads.
Suppose a $1 tax is placed on a good. The more elastic the supply of the good, the
A) larger the increase in the after-tax price. B) smaller the decrease in the quantity sold. C) less of the tax will be paid by the buyers. D) more of the tax will be paid by the sellers.