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EOSC 478 POST MIDTERM EXAMS QUESTIONS WITH COMPLETE SOLUTIONS
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EOSC 478 POST MIDTERM EXAMS QUESTIONS WITH COMPLETE SOLUTIONS
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EOSC 478 POST MIDTERM EXAMS QUESTIONS WITHCOMPLETE SOLUTIONS
(1) optimal bundle of goods and services Correct Answer - in a
free marked economy, consumers will spend their income to
purchase goods and services in such a way to maximize their
individual social welfare functions
- in the systems of free buyers and sellers, the economy will be
adjusted to produce precisely a bundle of goods and services that
will maximally satisfy the consumer population
- this system is self regulating and stable (eg. if producer makes
too much of a good, then it won't sell and production will have
to be adjusted downward)
(2) The concept of supply and demand Correct Answer a) none
will be purchased if price is too high
b) there is maximum amount that will be consumed even if good
is free
(3) The concept of optimal resource allocation Correct Answer
The idea that free buyers and sellers in a marked place will
produce an equilibrium leads to the idea that free marked results
in optimal resource allocation
(4) The concept of indifference curves Correct Answer There is
a logical probability that different combinations of goods may
generate equal levels of satisfaction
,3 important concepts in bioeconomics Correct Answer -
maximum sustainable yield (MSY)
- bionomic equilibrium
- maximum economic yield (MEY)
Aquaculture Correct Answer the farming of aquatic plants and
animals in water
this involved ownership of the stock and deliberate intervention
in the life cycle to enhance production
BC salmon management: case study Correct Answer
Canada US salmon Interception Agreement Correct Answer
Canadan's Policy for conservation of Wild Pacific Salmon (June
2005) Correct Answer The goal is restore and maintain healthy
and diverse salmon populations and their habitats for the benefit
and enjoyment of the people of Canada in perpetuity
Coho recovery Plan (oct 1999) Correct Answer a) dramatically
increase efforts in protecting and rebuilding salmon habitat
b) restructuring the salmon fishery by moving to selective
harvesting, diversifying fishing opportunities, and further
reducing the commercial fleet
c) assistance to people and communities to adapt to the changing
fishery
Total new investment of $400 million by the government of
Canada
,concerns of marine reserve in fisheries management Correct
Answer
cons of catch quotas Correct Answer - difficult to accurately
monitor
- high grading (fishermeny kill/discard unseen large numbers of
fish that r consider crappy /cheap
- difficult to implement in multi species fisheries
cons of limited entry Correct Answer - hard to control "real"
effort effectively
- effort can increase by changes in fishing behaviour, improved
technology, bigger/more powerful boats, etc
cons of rotational closures Correct Answer - can be confusing
for fishermen and complicated to enforce
- encourage intensive fishing when an area is opened
- effective mainly to sedentary long lived species
cons of seasonal closure Correct Answer increased fishing
intensity after seasonal closures
basically, WAYYYY more boats come out
cons of size limit Correct Answer - requires accurate biological
info on target species
- difficult to apply in multi species fisheries as many are,
particularly in the tropics
- discard mortalities may be high
, Contributions by groundfish trawl industry Correct Answer -
"user pays; user says" - can anticipate that industry will pay an
increasing role in management
- ITQs and access rights to resource
decision making over time Correct Answer - natural resource
(NR) use involves decision making over time
- eg. how much oil or gold should be extracted from a mine this
year, how much next year, etc
should salmon on the west of canada be harvested intensively
this year or not at all
- time is important because the supply curve of NRs are always
shifting due to:
depletion of non renewable resourrces abd
- biological and physical changes in renewable resources
hence, a dynamic rather than a static analysis is required to
analyze natural resource use in most cases ( money to be
recieved in the future is not the same as a similar amount
received today, since money can be loaned out at interest)
- interest or discount rates are a crucial link between periods in
dynamic models of natural resource use
define common pool nature Correct Answer jointness of
production and more than one entity making decisions
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