Although the dynamic efficient model gives a more accurate
picture of sustainable yield than the static model, how are actual
fisheries different than the model?
If there was an increase in the yearly effort beyond the efficient
sustained yield level, the population of fish would be reduced and future
population and catch levels would be lower.
In actual fisheries, marginal harvesting cost varies and the size of the
harvest can affect market prices.
In actual fisheries, the discount rate would not be positive.
The increase in the yearly effort beyond the efficient sustained yield level
would initially result in an increased net benefit from the increased catch.
Which of the following is not a problem that arises when access
to the fishery is completely unrestricted?
An intergenerational external cost in which over-fishing reduces the
stock of fish.
An intergenerational external cost in which over-fishing lowers future
profits of fishing.
Confusion in the market because individual fishermen choose to sell at
different prices.
A contemporaneous external cost in which too many resources are
committed to fishing.
Aquaculture helps to increase efficiency because it
__________.
does not rely in part on the strong homing instincts in certain fish.
because it allows all fishing to be treated as private property.
because it works well for all species of fish.
allows some fisheries to be privately held.
Efficiency in fishing implies that ________________.
the catch must be at the efficient level.
The catch must be at the efficient level and must be extracted at the
lowest possible cost.
The catch must be extracted at the lowest possible cost.
Each fisherman catches the number of fish for which he/she has a
license.
What is the difference between transfer costs and real-resource
costs?
Transfer costs involve utilization of resources.
Real-resource costs involve transfer of resources from one part of
society to another.
Transfer costs and real-resource costs are two names for the same
thing.
Transfer costs involve transfer of resources from one part of society to
another.
An efficient quota system has all of the following characteristics
except _____________.
The catch authorized by the ITQ held by all fishermen should be equal
to the efficient catch for the fishery.
The government should set the appropriate price signals about the
value of the fishery.
The quota should be freely transferable among fishermen.
The quota entitles the holder to catch a specified share of the total
authorized catch of a specified type of fish.
The 200-Mile Limit is _________________.
upheld by international law but is widely contested.
international law that states that countries bordering the sea have
ownership rights extending 200 miles out into the ocean.
upheld only by national laws.
international law that states that countries have ownership rights
extending 200 miles out from their borders.
Which of the following is true in relation to the enforcement of
fishery policies?
Enforcement of fisheries policy along coastlines is effective.
Ecotourism is a hindrance to enforcement of fisheries policies.
Policies should be designed to make compliance as expensive as
possible.
Private-property approaches to fisheries management are selfenforcing.