Tuesday, April 3, 2018
econlife - econlife Quiz: Do You Know Your Baseball Economics
With the baseball season soon to start, the econlife team is looking at the money, the players, and even the music in our latest quiz.
Econlife Quiz: Do You Know Your Baseball Economics?
While a luxury tax on expensive goods like yachts is supposed to boost a state or country’s revenue, baseball’s luxury tax on a team’s players’ payroll is intended to:
Which of the following teams charged baseball’s highest average ticket price ($150.63) in 2017 because they assumed their fans’ demand would be inelastic?
With an average player age of 30.4, which team has the oldest human capital?
Generating considerable revenue, at approximately 2.5 million, which team’s fans usually consume the most hot dogs?
Behavioral economists tell us that when the previous two pitches are strikes, an umpire is less likely to say the next pitch is a:
If he had known that major league baseballs are produced in Turriabla, Costa Rica, 19th century economist David Ricardo would have attributed this fact to which economic idea?
Prior to the 1930 season, Babe Ruth signed a contract for $80,000. Adjusted to 2018 dollars, what would be the value of that contract?
Each of the following has been in a Major League Basebell collective bargaining agreement except:
When our favorite team wins, an economist would say that we’ve experienced:
In “Take Me Out To The Ball Game,” which candy’s sales were boosted by its mention?
Good Job. You got to first base!
Give the econlife quiz,
Do You Know Your Baseball Economics
, another try!
Well done. You’re a big hitter.
You’re not quite at the top of the econlife quiz league yet, but you’re definitely in the home stretch.
Congratulations! You made it to home base.
Keep making those economic connections to everyday life. You’re an econlife natural.
Our sources and more:
for MLB ticket prices,
for average MLB player ages,
The Hardball Times
, and one of our own econlife
on umpire decision-making.
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Law of Comparative Advantage
Major League Baseball