Define fishery and describe the resource problem with fisheries
What will be an ideal response?
A fishery is defined as a stock of fish or marine animals that are considered to be a distinct group, such as Pacific tuna or Alaskan crab. Oceans are common property resources without ownership. The only property rights come after a fisher catches the fish. In this case, there are strong incentives for the fisher to over fish the ocean to catch more fish before another fisher does so. This over fishing of a fishery can lead to fishery collapse when a fish population becomes so depleted that it can no longer reproduce at a sustainable rate. Data from 2003 show that only 3% of the world’s fisheries are under exploited, but 76% are fully exploited, over exploited, depleted, or recovering from depletion.
You might also like to view...
To maximize profit, a firm in monopolistic competition will produce the quantity where marginal revenue
A) is greater than marginal cost. B) equals zero. C) is less than marginal cost. D) equals marginal cost. E) equals average total cost.
In the figure above, if 4 million computers are produced per year then the ________ should be produced to achieve the allocatively efficient use of resources
A) marginal cost of a computer exceeds the marginal benefit of a computer, so more computers B) marginal cost of a computer exceeds the marginal benefit of a computer, so fewer computers C) marginal benefit of a computer exceeds the marginal cost of a computer, so more computers D) marginal benefit of a computer exceeds the marginal cost of a computer, so fewer computers
A macroeconomist would study
A) the price changes at K-Mart. B) the cost problems at several airlines. C) the economy's unemployment level. D) none of the above.
If cable TV service and satellite TV service are substitutes,
What will be an ideal response?