Essentials of Real Estate Economics 6th Edition Final Exam 1.
Economics is considered a: (a) behavioral science (b) physical science (c) cultural science (d) social science
2.
The famous capitalist, Adam Smith, wrote the book: (a) Das Kapital (b) The Wealth of Nations (c) General Theory of Employment, Interest, and Money (d) Theory of Capitalism
3.
When all major economic decisions are made by private individuals with no interference by government, the economic system would be called: (a) pure socialism (b) mixed socialism (c) mixed capitalism (d) pure capitalism
4.
All of the following are principles of pure socialism, EXCEPT: (a) a central planning committee (b) distribution is based on need (c) public ownership of basic resources (d) open and competitive markets for goods and services
5.
The payment for the use of all of the factors of production is called: (a) profit (b) income (c) interest (d) return
6.
Some economists use the term “demand” to mean just desire or need: (a) true (b) false
7.
If demand by renters for apartments increases, while the number of apartment units available for rent increases by a proportional amount, apartment rents should: (a) increase (b) decrease (c) remain the same (d) become dynamic
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