Fish in the Ocean Would Be Considered

question 36

Multiple Choice

Fish in the ocean would be considered:

• A)a common resource.
• B)a private good.
• C)a public good.
• D)an artificially scarce good.

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Definitions:

Residual Value

The estimated amount that an asset will realize upon its sale at the end of its useful life.

Straight-Line Depreciation

A method of accounting in which an asset's cost is evenly distributed over its useful life to represent its consumption.

Depreciable Cost

The total cost of an asset that is subject to depreciation over its useful life, excluding any salvage value.

Depreciation Expense

The amount of depreciation charged in the income statement, representing the cost allocated for the use of fixed assets during an accounting period.