midterm_mircoex - 1. Question: Professional football...

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1. Question: Professional football players receive on average much higher wages than professional soccer players in the United States because _____ Your Answer: football is a more dangerous sport. professional football teams can charge high prices for tickets and draw huge crowds. CORREC T professional football teams use a draft system. the soccer season is longer and so players will be unemployed for a smaller portion of the year. Points Received: 5 of 5 Comments: 2. Question: The tragedy of the commons occurs, when _____ Your Answer: demand exceeds supply. property rights to a scarce resource are not assigned or not enforced. CORREC T free riders are excluded from consuming a resource. individuals steal from each other. Points Received: 5 of 5 Comments: 3. Question: The term 'quantity supplied' means _____ Your Answer: the same things as 'supply'. the amount of a good that customers need. the amount of a good that consumers ultimately desire. the amount of a good sellers are willing to sell at a given price. CORREC T Points Received: 5 of 5 Comments: 4. Question: Economists believe that self-sufficiency _____ Your Answer: is needed, in order to guarantee national security. ensures an equitable distribution of resources. prevents exploitation of the working class, by limiting the power of capitalists. results in lower levels of output and consumption CORREC
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than would prevail under free trade. T Points Received: 5 of 5 Comments: 5. Question: Individuals engage in exchange, because they _____ Your Answer: disagree about the value of the items traded. CORRECT agree about the value of the items traded. want to maximize material wealth.
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