Suppose That a Large Rogue Wave Destroys the (Thankfully Unoccupied)

question 198

Multiple Choice

Suppose that a large rogue wave destroys the (thankfully unoccupied) fleet of swordfish fishing boats docked in the Gloucester, Massachusetts harbor. What happens to the earnings of fishermen and women in Gloucester?

• A)The reduction in the supply of fishing boats increases the marginal productivities of Gloucester fishermen and women, which causes the equilibrium wage to fall.
• B)The reduction in the supply of fishing boats reduces the marginal productivities of Gloucester fishermen and women, which causes the equilibrium wage to fall.
• C)The reduction in the supply of fishing boats increases the marginal productivities of Gloucester fishermen and women, which causes the equilibrium wage to rise.
• D)The reduction in the supply of fishing boats reduces the marginal productivities of Gloucester fishermen and women, which causes the equilibrium wage to rise.

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Definitions:

Secondary Traits

Personality traits that are less consistent and more dependent on the situation, influencing behavior in specific contexts rather than across all situations.

Preferences

Individual inclinations or choices between alternatives, often reflecting personal tastes, values, or desires.

Propriate Functional Autonomy

An Allport's concept indicating that certain activities or behaviors become goals in themselves, independent of their original motives.

Mastery

The process of acquiring complete knowledge or skill in a subject or activity.