Which of the Following Is True About the Guardian Relationship

question 38

Multiple Choice

Which of the following is true about the guardian relationship between the federal government and Indians living on reserves?

• A) The Crown legally owns reserve land.
• B) Virtually no commercial transaction or legal transaction of consequence can be undertaken by reserve residents without the permission of the Department of Indian Affairs.
• C) Reserve inhabitants must manage the land on which they live.
• D) Reserve inhabitants must manage all resources appertaining to the land on which they live.
• E) All of the above

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Definitions:

Elastic

A term used to describe a situation where the demand or supply of a good or service is sensitive to changes in price.

Inelastic

A characteristic of goods or services for which demand or supply does not significantly change in response to price changes.

Long Run

A period of time in which all factors of production and costs are variable, allowing for adjustment to changing market conditions.

Short Run

A time period in which at least one input is fixed, limiting the adjustments that a firm can make to its production.