The Total Allowable Catch (TAC)system Differs from the Individual Transferable

question 232

Multiple Choice

The total allowable catch (TAC) system differs from the individual transferable quota (ITQ) system in that

• A)TAC limits the total harvest of fish, while ITQ does not.
• B)ITQ limits an individual fishery's harvest, but TAC does not.
• C)TAC prevents an "individual arms race" among fisheries, whereas ITQ does not.
• D)ITQ does not offer significant cost-saving benefits, but TAC does.

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Definitions:

Cost of Goods Sold

The direct costs attributable to the production of goods sold in a company, including materials and labor.

Merchandise Inventory

The total value of all merchandise that a retailer, wholesaler, or distributor has on hand that is available for sale.

Cash Balance

The amount of cash held by a company at a given moment, reflecting its immediate liquidity.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company; this amount includes the cost of the materials and labor directly used to create the product.