Question

1-We observe that the price of food rises and the quantity purchased also rises. This means the

	A.	supply curve shifted to the left.
	B.	demand curve shifted to the right.
	C.	demand curve shifted to the left.
	D.	supply curve shifted to the right.

2-Owners use joint ventures in order to:

	A.	Set rules.
	B.	Increase market power.
	C.	Increase profits.
	D.	Limit competition.
	E.	All of the above.
	F.	None of the above.

3- In sports gambling, illegal bookies operate outside the law so there are no taxes. This significantly reduces overhead costs and could make them a smarter financial choice for gamblers.

True

False

4-A strike and a lock-out are both initiated by the team owner.

True

False

5-The “Beer Wars” in the late 1970’s caused the value of MLB broadcast rights to fall and they did not recover until the 1980’s.

True

False

Answer 1

Answer 1) We observe that the price of food rises and the quantity purchased also rises. This means the

OPTION B demand curve shifted to the right.

Answer 2) Owners use joint ventures in order to: OPTION E- All of the above.

Answer 3)In sports gambling, illegal bookies operate outside the law so there are no taxes. This significantly reduces overhead costs and could make them a smarter financial choice for gamblers. : TRUE

Answer 4) A strike and a lock-out are both initiated by the team owner. ; False

Answer 5) The “Beer Wars” in the late 1970’s caused the value of MLB broadcast rights to fall and they did not recover until the 1980’s.: TRUE