Escheat Property Is Best Described as Which of the Following

question 79

Multiple Choice

Escheat property is best described as which of the following?

• A) Property possessed by a local government, but whose use is restricted by a higher government.
• B) Property a government obtains and holds for the rightful owner in the absence of claimants or heirs.
• C) Property gifted to the government by private citizens.
• D) Property the government obtains via eminent domain.

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Definitions:

Utility-Maximizing

A principle in economics whereby individuals seek to optimize their satisfaction or happiness through the consumption of goods and services.

Total Product Curve

A graphical representation showing how the quantity of output depends on the quantity of a variable input, holding all other inputs fixed.

Average Product

Calculating the efficiency of input by dividing the entire production by the volume of input.

Average Total Cost

The total cost of production divided by the quantity produced, also known as cost per unit.