Fish in the ocean would be considered:
A. a common resource.
B. a private good.
C. a public good.
D. an artificially scarce good.
A. a common resource.
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Last year, the unemployment rate was 4 percent and the inflation rate was 3 percent. If the natural rate of unemployment is 3 percent, how do you expect inflation to change?
What will be an ideal response?
Moral hazard is caused by
a. Hidden actions b. Hidden information c. Both of the above d. None of the above
By 2003, the average person in the West had about
a. 50% more income than the average person in the West in 1820. b. twice as much income as the average person in the West in 1820. c. ten times as much income as the average person in the West in 1820. d. twenty times as much income as the average person in the West in 1820.
Gamma has $30,000 of capital per worker, while Omega has $7,500 of capital per worker. In all other respects, the two countries are the same. According to the principle of diminishing returns to capital, an additional unit of capital will increase output ________ in Gamma compared to Omega, holding other factors constant.
A. less B. not at all C. more D. by the same amount