Econ 2447 Sports Economics First exam Spring 2021

D_ 1. Sports economics is concerned with ● The business of professional sports. ● The organization of sports leagues. ● The objectives of teams and players on the field. ● All of the above. __D_ 2. Competitive balance in sports ● Means that fans value close contests. ● Is the reason leagues enact salary caps, luxury taxes, and reverse order drafts. ● Is the same thing as the Uncertainty of Outcome Hypothesis. ● All of the above. _B__3. In a sports labor market, MRP is a player’s value to the team, and w is her wage. If the market is competitive ● wMRP. ● w=MRP. ● wMRP ● None of the above. _D__ 4. If the market is monopsonistic ● wMRP. ● w=MRP. ● wMRP ● None of the above. __B_ 5. College athletics, especially at the Division I level, ● Primarily serves an entertainment function. ● Provides entertainment but also serves as a training ground for some professional sports. ● Is not highly regulated by the NCAA. ● Currently allows star players to be paid s