Podcast
Questions and Answers
What is the main objective of the producer or firm?
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?
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?
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?
Which factor could affect the yield in fisheries entrepreneurship?
What is the process of acquiring inputs, combining them, and producing outputs called?
What is the process of acquiring inputs, combining them, and producing outputs called?
What is the main factor affecting the income and profitability in fisheries entrepreneurship?
What is the main factor affecting the income and profitability in fisheries entrepreneurship?
What is the gross margin for a fisher who extracts fish worth $600 at a variable cost of $100?
What is the gross margin for a fisher who extracts fish worth $600 at a variable cost of $100?
Which of the following is true about fixed costs?
Which of the following is true about fixed costs?
What is the purpose of gross margin in assessing performance?
What is the purpose of gross margin in assessing performance?
What does a reduction of fixed costs, where production is not affected, lead to?
What does a reduction of fixed costs, where production is not affected, lead to?
What is the reward for labor, capital, and management contributed by the fisher’s family during the year?
What is the reward for labor, capital, and management contributed by the fisher’s family during the year?
What signal should falling profits give in terms of resource allocation?
What signal should falling profits give in terms of resource allocation?
What are variable costs affected by?
What are variable costs affected by?
