The High Court Decided in the Landmark Decision of Mabo

question 23

Multiple Choice

The High Court decided in the landmark decision of Mabo v Queensland (No.2) that:

• A)Australia was terra nullius at the time of colonisation.
• B)The Meriam people had no title to the Murray islands.
• C)Indigenous Australians could have their traditional title to land formally recognised.
• D)Compensation should be paid where traditional rights are removed.

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Definitions:

Time Costs

The opportunity costs associated with the time spent on an activity instead of other, potentially more valuable, activities.

Transaction Costs

Expenses incurred in making an economic exchange, including search, bargaining, and enforcement of contracts.

Volume Of Trade

The total quantity of shares or contracts traded for a specified financial instrument or market within a specified period.

Gains From Trade

The increase in utility or welfare that countries or individuals obtain by engaging in voluntary exchange of goods and services.