A Young Chef Is Considering Opening His Own Sushi Bar

question 3

Multiple Choice

A young chef is considering opening his own sushi bar. To do so, he would have to quit his current job, which pays $20 000 a year, and take over a store building that he owns and currently rents to his brother for $6000 a year. His expenses at the sushi bar would be $50 000 for food and $2000 for gas and electricity. What are his explicit costs?

• A) $26 000.
• B) $66 000.
• C) $78 000.
• D) $52 000.

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Definitions:

Garrett Hardin

An ecologist known for his work on environmental issues and for introducing the concept of the "Tragedy of the Commons."

Overfishing

A situation where fish are caught at a pace faster than they can reproduce, leading to a depletion of fish stocks, which can jeopardize marine ecosystems and the economic sustainability of fishing industries.

Economic Growth

Growth in the economy's production of goods and services over a certain period, often assessed through the Gross Domestic Product (GDP).

Richer Economies

Economies characterized by higher income levels, greater wealth, and advanced technological and infrastructural development compared to others.