Property rights for fish from the open ocean:
A. do not exist.
B. are established by the United Nations.
C. exist once the fish are sold at market.
D. exist once the fish are caught.
Answer: D
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An excess demand in a market implies that
a. the amount demanded is less than the amount supplied b. price is greater than the equilibrium price c. a shortage of the good exists d. a surplus of the good exists e. the government must implement a price ceiling
If the opportunity cost of manufacturing machinery is lower in the United States than in Britain and the opportunity cost of manufacturing sweaters is higher in the United States than in Britain, then the United States will:
A) export both sweaters and machinery to Britain. B) import both sweaters and machinery from Britain. C) export sweaters to Britain and import machinery from Britain. D) import sweaters from Britain and export machinery to Britain.
Free markets coordinate economic activity in such a way as to eliminate the possibility of inflation or unemployment.
Answer the following statement true (T) or false (F)
Game theory is the study of decision making in situations where strategic interaction occurs between rivals.
Answer the following statement true (T) or false (F)