Ellis Island

question 65

Multiple Choice

Ellis Island

• A) was the subject of a territorial dispute between New York and New Jersey.
• B) was originally claimed by France but given to the United States along with the Statue of Liberty.
• C) is still in use today as an immigration gateway to the United States.
• D) is the actual location of the Statue of Liberty.
• E) is not truly an island because it is joined to the mainland by a narrow strip of land.

Realize the significance of corrective taxes and tolls in addressing overuse of common resources and congestion.

Understand the economic rationale behind licensing for hunting, fishing, and other uses of common resources.

Grasp how pollution is related to the Tragedy of the Commons and the role of regulations or corrective actions in addressing negative externalities.

Recognize the role of property rights in efficient market allocation.

---

Definitions:

Short-Term Lease

A lease for 12 months or less (including expected renewals and extensions) that does not contain a purchase option that the lessee is expected to exercise.

Lease Liability

An obligation representing future lease payments owed by a lessee under the terms of a lease agreement.

Bargain Purchase Option

A clause in a lease agreement that allows the lessee to purchase the leased asset at the end of the lease term at a price significantly lower than the expected fair market value.

Liabilities Section

Part of a balance sheet that lists what a company owes, including debts, loans, and other financial obligations.