FISH 160: Economic Concepts and Terms in Fishing Business
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Questions and Answers

What is the main objective of the producer or firm?

  • Extraction costs
  • Gross income
  • Maximize their profit (correct)
  • Factor affecting the income and profitability

    • What does gross income represent?

  • Factor affecting the income and profitability
  • Value of the output of an enterprise (correct)
  • Extraction costs
  • Cost of production

    • What is usually classified into two categories: variable and fixed costs?

  • Extraction costs (correct)
  • Factor affecting the income and profitability
  • Gross income
  • Maximize their profit

    • Which factor could affect the yield in fisheries entrepreneurship?

    <p>The price</p> Signup and view all the answers

    What is the process of acquiring inputs, combining them, and producing outputs called?

    <p>Process of production</p> Signup and view all the answers

    What is the main factor affecting the income and profitability in fisheries entrepreneurship?

    <p>Factor affecting the income and profitability</p> Signup and view all the answers

    What is the gross margin for a fisher who extracts fish worth $600 at a variable cost of $100?

    <p>$500</p> Signup and view all the answers

    Which of the following is true about fixed costs?

    <p>They remain the same regardless of the size of the enterprise</p> Signup and view all the answers

    What is the purpose of gross margin in assessing performance?

    <p>To measure what the enterprise is adding to profits</p> Signup and view all the answers

    What does a reduction of fixed costs, where production is not affected, lead to?

    <p>Increased profit</p> Signup and view all the answers

    What is the reward for labor, capital, and management contributed by the fisher’s family during the year?

    <p>Gross profit</p> Signup and view all the answers

    What signal should falling profits give in terms of resource allocation?

    <p>Resources should be taken out of that business and put into another one</p> Signup and view all the answers

    What are variable costs affected by?

    <p>Changes in fishing output</p> Signup and view all the answers

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