A Basic Underlying Point in Economics Is That

question 133

Multiple Choice

A basic underlying point in economics is that

• A)people have unlimited wants in the face of limited resources.
• B)there are unlimited resources.
• C)governments should satisfy the needs of the people.
• D)people have limited wants in the face of limited resources.
• E)governments should never interfere in the workings of a market economy.

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Definitions:

Profit

The financial gain realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

U.S. Fishery

Pertains to the industry or activity of raising, harvesting, processing, and selling fish, shellfish, and aquatic plants in the United States.

Dollar Terms

Refers to financial transactions quoted in terms of the U.S. dollar.

ITQs

Individual Transferable Quotas, a regulatory tool used in managing resources by allotting specific quantities that can be harvested or produced, often applied in fisheries to prevent overfishing.