The total allowable catch (TAC) system differs from the individual transferable quota (ITQ) system in that:
A. TAC limits the total harvest of fish while ITQ does not
B. ITQ limits an individual fishery's harvest, but TAC does not
C. TAC prevents an "individual arms race" among fisheries, whereas ITQ does not
D. ITQ does not offer significant cost-saving benefits, but TAC does
B. ITQ limits an individual fishery's harvest, but TAC does not
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An overvalued exchange rate is an exchange rate:
A. that equals the number of units of a foreign currency over the number of units of domestic currency. B. at which the quantities of currencies demanded and supplied in the foreign exchange market are equal. C. that has an officially fixed value greater than its fundamental value. D. that has an officially fixed value less than its fundamental value.
In periods when prices are falling, on average,
A) real GDP will grow as fast as nominal GDP. B) real GDP will grow slower than nominal GDP. C) real GDP will grow faster than nominal GDP. D) one cannot calculate real GDP.
Provide a simple definition of the price elasticity of demand and explain why knowing the price elasticity for her product is useful to the firm's manager
What will be an ideal response?
The tax burden will fall most heavily on sellers of the good when the demand curve
a. is relatively steep, and the supply curve is relatively flat. b. is relatively flat, and the supply curve is relatively steep. c. and the supply curve are both relatively flat. d. and the supply curve are both relatively steep.