12. Major League Baseball frequently lobbies government officialts to exemption.
ID: 1120437 • Letter: 1
Question
12. Major League Baseball frequently lobbies government officialts to exemption. This activity is an example of a. producer surplus b. inelastic pricing c. rent-seeking behavior d. rational ignorance 13. The College Football Association (CFA) a. is the current, NCAA-sanctioned name for what was once known as Division l college football b. was formed to ensure an equal distribution of football television revenues among powerhouse and less-powerful programs c. sought to obtain television revenues for only powerhouse college football programs d. was successfully sued by the NCAA to prevent the CFA's desire for an equal sharing of college football revenues 14. The expression Ev, stoppage a. is increasing in fan repercussion costs b. is decreasing in upfront monetary costs of the stoppage c. will be positive so long as fan repercussion costs equal 0 d. equals 0 if p> 0 (pG-M) + (A-F) indicates that the expected value of a work 15. In the identity V/E (RIEXB/R(V /B),the rate of voter turnout is represented by the ratio a. R/E b. B/R 16. For any given side in a labor negotiation, the expected value of a work stoppage a. may be positive, increasing the incentive to call a work stoppage b. will be positive if the probability of success is 0 c. generally is negative, making work stoppages inevitable d. graphically does not intersect the horizontal (probability) axis 17. A city that wins the right to host the Olympic Games overpays, having gained more utility from winning the bid than from making a sound bid. This phenomenon describes a. price-fixing b. rent-seeking c. the winner's curse d. monopsonist exploitation (of the winning city)Explanation / Answer
12 (c) Rent seeking behaviour as it is the use of any company , organisation redources for wealth creation from the society without returning the same to it. For eg lobbying to govt.
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