In the Early Days of Its Colonization, Britain Used Australia

question 49

Multiple Choice

In the early days of its colonization, Britain used Australia as a ________.

• A) source of natural resources
• B) source of slaves
• C) tourist destination
• D) prison colony
• E) plantation

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Definitions:

Price-Inelastic

Referring to a market situation where demand or supply is not sensitive to price changes.

Wheat Farmers

Individuals or entities engaged in the cultivation of wheat, a staple grain worldwide, involving planting, growing, and harvesting activities.

Total Revenues

The total income generated by a company from its business activities, typically from the sale of goods and services before any expenses are subtracted.

Close Substitutes

Products or services that serve similar purposes and can easily replace each other in the eyes of the consumer, affecting their choices and preferences.