Initially Used to Survey the Old Northwest Territory (Ohio, Indiana

question 9

Multiple Choice

Initially used to survey the Old Northwest Territory (Ohio, Indiana, Illinois, and Michigan) in 1789, which of the following methods of land description relies on townships and section numbers as essential units of identification?

• A) metes and bounds
• B) subdivision plat lot and block number
• C) government rectangular survey
• D) tax parcel number

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Definitions:

Marginal Cost

The additional cost incurred by producing one extra unit of a good or service.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service versus what they actually receive.

Allocative Efficiency

A state of resource distribution where it is impossible to make any one individual better off without making someone else worse off.