[Solved] "Since It Is in the Interest of Fishers as a Group

Why are the very best professional squash players paid so much less than even the average professional hockey player? A)There are many more good squash players than hockey players. B)The skills needed to be a good hockey player are much greater than those needed to be a good squash player. C)The general public does not pay as much attention to the game of squash as they do to hockey. D)Hockey players appear in many more games per year than do squash players.

Which of the following is a non-renewable natural resource? A)Water. B)Oil. C)Wild fish. D)Trees.

What is meant by the term common property resource? A)Any ordinary resource such as labour or machinery. B)A resource which is not owned by an individual or firm. C)A resource with perfectly elastic supply. D)A resource with perfectly inelastic supply.

Suppose that the price of oil today is $20 and the interest rate is 5%.Further,suppose that the interest rate remains unchanged and no new discoveries of oil are made.If 2 years from now,the price of oil is $21.50,from the economist's point of view which of the following statements is correct? A)The rate of oil extraction has been too slow. B)The rate of oil extraction has been too rapid. C)The rate of oil extraction has been exactly right. D)The rate of oil extraction has been either exactly right or too slow but it definitely could not have been too rapid.

Which of the following would tend to raise the price of a natural resource? A)If more of it was discovered. B)If its marginal revenue product decreased. C)If the interest rate decreased. D)Graphically,if the demand curve for it shifted to the left.

Suppose that the current price of oil is $60 a barrel and the interest rate is 3%.If the National Petroleum company extracts and sells its oil at $60 a barrel today and the revenue is invested,what will be its value per barrel at the end of year 2? A)$60 B)$63 C)$63.6 D)$66

Suppose that the current price of oil is $60 a barrel and the present interest rate is 3%.Further,suppose that the interest rate remains unchanged and no new discoveries of oil are made.If the economist for the National Petroleum company believes that the rate of oil extraction is exactly right,what should be the price for a barrel of oil one year from now? A)$60 B)$61.8 C)$63 D)$65.5

Suppose that the current price of oil is $60 a barrel and the present interest rate is 3%.Further,suppose that the interest rate remains unchanged and no new discoveries of oil are made.If the economist for the National Petroleum company believes that the rate of oil extraction is exactly right,what should be the price for a barrel of oil three years from now? A)$60 B)$61.8 C)$63 D)$65.5

Suppose that the current price of oil is $60 a barrel and the interest rate is 3%.Further,suppose that the interest rate remains unchanged and no new discoveries of oil are made.If two years from now the economist for the National Petroleum company believes that the rate of oil extraction is exactly right,believes that the rate of oil extraction has been too rapid,what would be the likely price for a barrel of oil at that time? A)Above $63.60 a barrel B)$63.60 a barrel C)Below $63.60 a barrel D)Above $65 a barrel

Suppose that the current price of oil is $60 a barrel and the interest rate is 3%.Further,suppose that the interest rate remains unchanged and no new discoveries of oil are made.If two years from now the economist for the National Petroleum company believes that the rate of oil extraction is exactly right,believes that the rate of oil extraction has been too slow,what would be the likely price for a barrel of oil at that time? A)Above $63.60 a barrel B)$63.60 a barrel C)Below $63.60 a barrel D)Below $60 a barrel