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Flashcards in Unit 1 Deck (6)
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1

All of the following factors would affect supply EXCEPT
a. population.
b. construction costs.
c. government controls.
d. the labor force.

a. population.

2

Which of the following real property use categories would include shopping centers?
a. Residential
b. Commercial
c. Agricultural
d. Industrial

b. Commercial

3

All of the following would affect demand EXCEPT
a. population.
b. demographics.
c. wage levels.
d. fiscal policy.

d. fiscal policy.

4

The word improvement refers to all of the following EXCEPT
a. streets.
b. sewage systems.
c. chattels.
d. foundation walls.

c. chattels.

5

The point at which supply and demand are balanced is known as
a. highest and best use.
b. balance.
c. conformity.
d. equilibrium.

d. equilibrium.

6

When the supply of a commodity decreases,
a. prices tend to rise.
b. prices tend to drop.
c. demand tends to rise.
d. demand tends to drop.

a. prices tend to rise.