Fish in the open ocean are protected by strong property rights.
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Q21: Present value allows us to weigh the
Q22: The user cost of a resource is
Q23: User cost is defined as the present
Q24: Weak property rights encourage faster extraction than
Q25: Nonrenewable natural resources are fixed in supply
Q27: Higher user costs imply that a resource
Q28: Renewable natural resources can never be exhausted.
Q29: Property rights over fish in the open
Q30: TAC policies help reduce overfishing and reduce
Q31: Granting property rights to forestland tends to
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