The Fish in the Ocean Are

question 253

Multiple Choice

The fish in the ocean are

• A) allocated efficiently because there are no limitations on entry into the ocean fisheries business.
• B) scarce, but only because of the highly restrictive regulations imposed by various nations.
• C) a commonly owned, open access resource and therefore they are often over-exploited.
• D) privately owned and therefore they are allocated efficiently.

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Definitions:

Opportunity Cost

The cost of forgoing the next best alternative when making a decision, a fundamental concept in economics and financial decision-making.

Underground Storage

Facilities used for storing various substances below the earth’s surface, often pertaining to fuel and hazardous materials.

Net Income

The total earnings of a company after all expenses and taxes have been deducted from total revenue, indicating the company's profitability.

CCA Class

In Canadian taxation, Capital Cost Allowance (CCA) Classes categorize depreciable assets for the purpose of determining annual depreciation expenses for tax purposes.