The Sudbury Basin Is One of the Richest Mining Areas

question 35

Multiple Choice

The Sudbury Basin is one of the richest mining areas in the world because it

• A) is a banded-iron formation.
• B) is a meteorite impact site.
• C) is a layered intrusion.
• D) is a stromatolite.
• E) all of these

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Definitions:

Resource Prices

The costs associated with the factors of production like labor, capital, land, and entrepreneurship used in the creation of goods or services.

Income Distribution

The way in which a nation's total earnings are divided among its population.

Marginal Revenue Product

The extra income created by using an additional unit of a production resource or input.

Price of Labor

The wages or compensation workers receive in exchange for their labor, determined by various factors including skill level, demand, and economic conditions.