Economics in Sports and Entertainment

Question 1

A period of economic slowdown, lasting 6-8 months, typically.

Accepted Answer

Recession

Question 2

A new stadium is built for $1.4 billion. The stadium and $ used to build it are what resource?

Accepted Answer

Capital

Question 3

Rivalry between the NFL, NBA, and MLB for fans is an example of:

Accepted Answer

competition

Question 4

This is created by having a product or service available where it is needed or wanted.

Accepted Answer

Place Utility

Question 5

Measure of goods & service produce using labor/property located in a country.

Accepted Answer

gross domestic product (GDP)

Question 6

Those attending an event and spending their money are an example of:

Accepted Answer

direct impact

Question 7

When price goes up, supply goes up. When price goes down, supply goes down.

Accepted Answer

Law of Supply

Question 8

When prices rise faster than consumer income. A rate of 1-5% shows that an economy is stable.

Accepted Answer

inflation

Question 9

Phase at which there is a growing demand for goods and services.

Accepted Answer

Expansion

Question 10

The NFL averaged 17,282,225 spectators for the season. The fans are considered to be:

Accepted Answer

consumers

Question 11

A period of prolonged and deep economic slowdown. Spending is low, unemployment is high.

Accepted Answer

Depression

Question 12

Jerry Jones and the other 32 owners of the NFL are considered to be:

Accepted Answer

producers

Question 13

The difference in our limited resources and unlimited needs and wants.

Accepted Answer

Scarcity

Question 14

Purchasing land to build a golf course uses which type of economic resource?

Accepted Answer

Land

Question 15

Periods of moderate demand for theme park and other attractions is called:

Accepted Answer

Shoulder periods

Question 16

In a controlled/command economy the __________________ answers the 3 economic questions. (Cuba)

Accepted Answer

government

Question 17

Relationship between quantity of a product producers are willing & able to provide and price.

Accepted Answer

Supply

Question 18

Taking credit cards provides this type of utility.

Accepted Answer

Possession Utility

Question 19

This is created by having a product or service available when it is needed or wanted.

Accepted Answer

Time Utility

Question 20

The 2023 Super Bowl was held in this city, with over $500 million being spent by visitors.

Accepted Answer

Glendale, AZ

Question 21

The interaction of supply and demand drive the economy. (US is an example)

Accepted Answer

Private or Free Enterprise Economy

Question 22

The economy shows signs of improvement.

Accepted Answer

Recovery

Question 23

Relationship between quantity of a product consumers are willing & able to purchase and price.

Accepted Answer

Demand

Question 24

Low point of economic growth, just before recovery begins.

Accepted Answer

Trough

Question 25

A(n) system that classifies how the country satisfies needs and how resources are distributed.

Accepted Answer

Economic

Question 26

Walt Disney World offers a lot of discounts in winter. This is because winter is the _________

Accepted Answer

Off-season

Question 27

Dak Prescott is the quarterback for the Cowboys. Which economic resource does he represent?

Accepted Answer

Labor

Question 28

This resource refers to the individual who takes the risk of owning and operating the business.

Accepted Answer

Entrepreneurship

Question 29

Unemployment is very low and consumer confidence is very high.

Accepted Answer

Prosperity

Question 30

A player's stats are an example of which economic indicator?

Accepted Answer

productivity

Question 31

Sustained long-term impact, from an event, on an economy is an example of what?

Accepted Answer

indirect impact

Question 32

High point of economic growth

Accepted Answer

Peak

Question 33

This refers to the ups and downs of the economy.

Accepted Answer

Business Cycle

Question 34

Winter for a ski resort is considered to be:

Accepted Answer

High season

Question 35

Changing format for Finding Nemo to 3D is an example of which utility?

Accepted Answer

Form Utility

Question 36

When price goes up, demand goes down. When price goes down, demand goes up.

Accepted Answer

Law of Demand

Question 37

What country hosted the 2022 FIFA world cup and spent over $220 billion?

Accepted Answer

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Economics in Sports and Entertainment

Questions 37

Economics in Sports and Entertainment

Questions 37