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:

Individual's Characteristics

The unique attributes, traits, and qualities that define a person and distinguish them from others.

Attachment Style

A psychological construct that describes the nature of emotional bonds between individuals, often categorized into secure, anxious, and avoidant styles, developed in early childhood.

Egocentric Responses

Reactions centered around one's own perspective, failing to consider the viewpoints or feelings of others.

Emotional Memories

Memories that are strongly influenced by the emotions experienced during the event, which can significantly affect an individual's recall and perception of that memory.