If a Major League Baseball Player Would Be Willing to Work

question 109

Multiple Choice

If a major league baseball player would be willing to work for $700,000 per year and is currently being paid $1,200,000 per year, that player is earning an annual economic rent of

• A) $700,000.
• B) $1,900,000.
• C) $1,200,000.
• D) $500,000.

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Definitions:

Drawer

In banking and finance, the person who writes or issues a check or draft instructing the bank to pay a specified amount of money to a designated party.

Drawee

The party in a financial transaction who is directed to pay a certain sum of money as per the payer's instructions.

Stop Payment Order

A request made to a financial institution to cancel the payment or processing of a check or payment transaction before it has been completed.

90 Days

A period of time consisting of exactly ninety days, often used in reference to deadlines or waiting periods.