The Main Mineral Resource in New Caledonia Is

question 16

Multiple Choice

The main mineral resource in New Caledonia is:

• A)nickel
• B)bauxite
• C)copper
• D)petroleum
• E)gold

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Definitions:

Diminishing Returns

A principle stating that as additional amounts of a variable input are added to a fixed input, beyond some point the marginal product of the variable input begins to decrease.

Unit of Labor

A measure of labor input, often represented by one worker or one hour of work, used to calculate productivity or costs.

Marginal Cost

The price of fabricating another unit of a good or service.

Total Cost

The sum of all costs incurred in the production of goods or services, including fixed and variable costs.