The Relative Price of a Good

question 10

Multiple Choice

The relative price of a good

• A)reflects its price in terms of units of other goods.
• B)is its price in terms of money.
• C)is equal to the average price of the good over the last 5 years.
• D)is a measure of the relative share of the consumer's income devoted to its purchase.
• E)is always measured in current dollars.

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Definitions:

Pacific Halibut

A species of flatfish found in the North Pacific Ocean, valued for commercial and recreational fishing.

Quota

A government-imposed trade restriction that limits the number or value of goods that can be imported or exported during a specific time.

ITQs

Individual Transferable Quotas, a regulatory tool in environmental policy that limits the total allowable catch in fishing, with quotas that can be bought, sold, or leased among fishermen.

Sockeye Salmon

A species of salmon found in the Pacific Ocean, highly valued for its flavor and nutritional content, often considered a delicacy.