Horizontal Lines That Run East and West and Are Used

question 5

Multiple Choice

Horizontal lines that run east and west and are used in a government rectangular survey system are known as:

• A) principal meridians
• B) township lines
• C) range lines
• D) base lines

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Definitions:

Economic Profits

Profits exceeding the total cost of capital, including both the cost of debt and the opportunity cost of equity capital.

Explicit Costs

Expenses directly incurred in the course of running a business, such as wages and materials.

Economic Costs

The total value of all resources used in the production of a good or service, including both explicit and implicit costs.

Normal Rate

A term often used to refer to the standard or commonly accepted rate for a financial or economic measurement, but can vary by context.