It Was Said That Scuba Divers Who Were Out in the Ocean

question 34

Essay

It was said that scuba divers who were out in the ocean came up after the Indonesian tsunami passed to find the land devastated. They didn't see a thing. Could that have happened? Explain why or why not.

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Definitions:

Quota Rent

The earned income by holders of a production or import quota, representing the difference between domestic and world prices of a good.

Government Imposes

Refers to actions or regulations that a government puts into place regarding economic or social policies.

Shrimp Market

An economic market specifically for the trading and selling of shrimp, influenced by factors like supply, demand, seasonality, and aquaculture developments.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or commodity.