If You Were to Study One of the Recent Lockouts

question 22

Multiple Choice

If you were to study one of the recent lockouts in the NBA, NFL or MLB, you would see that they give an opportunity for:

• A) Players to collectively resist their oppression by refusing to work
• B) Fans to resist their exploitation by demanding lower prices for tickets, merchandise, TV subscriptions and other goods and services
• C) The media, including broadcasters, to demand a greater share of the revenue of professional sports
• D) Team owners to apply pressure on players to agree to the team's demands

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Definitions:

Cost of Goods Sold

The direct expenses associated with manufacturing the products sold by a business.

Beginning Inventory

The cost of commodities available for trading at the commencement of an accounting interval.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated by adding purchases to beginning inventory and subtracting the cost of goods sold.

Inventory Turnover

A ratio showing how many times a company's inventory is sold and replaced over a period.