Choose the One Most Appropriate Answer for Each

question 71

Multiple Choice

Choose the one most appropriate answer for each.
-fixed mark of known location and elevation

• A)acre
• B)adaptation
• C)agreement
• D)appurtenance
• E)base line
• F)bench marks
• G)datum
• H)fixity
• I)government survey
• J)improvements
• K)informal references
• L)nonhomogenity
• M)personal property
• N)quadrangle
• O)real estate
• P)recorded plat
• Q)scarcity
• R)situs
• S)vertical land descriptions
• T)water table

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Definitions:

Consumer Surplus

The difference between the total amount consumers are willing to pay for a good or service and the total amount they actually pay.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, indicating gains from trade.

Importing Country

A nation that buys goods and services from foreign countries to fulfill its domestic demands, which can affect its trade balance and economic health.

World Price

The worldwide market value of a product or service, established by the universal demand and supply.