It measures the value of all goods and services produced within the country

regardless of the nationality of the persons supplying such goods and services.

• Gross Domestic Product

• Gross National Product

• Gross National Income

• Gross Domestic Income

It measures the value of all goods and services produced by a country in a

given year, regardless of whether such goods and services are produced within

or outside the country.

• Gross Domestic Product

• Gross National Product

• Gross National Income

• Gross Domestic Income

The application of economic techniques to real estate markets which tries to describe,

explain, and predict patterns of prices, supply, and demand is called:

• Real Estate Economics

• Real Estate Finance

• Economics

• Economics and Finance

A type of economy where the private sector and government perform equal roles in

economic decision-making; competition with regulation.

• Mixed Capitalism

• Mixed Socialism

• Capitalism

• Socialism

A type of economy where the government decides and drives the economy, focuses

on what is needed rather than what is wanted.

• Marxism

• Socialism

• Capitalism

• Mixed Capitalsim

A type of economy where the purchasing power of the consumers decides and drives

the economy (law of supply and demand).

• Capitalsim

• Socialsim

• Mixed Socialism

• Mixed Capitalsim

All of the following are characteristics of a real estate market except:

• Land is indestructible

• Land is immobile

• The market rapidly adjusts to changes in supply and demand

• Government controls play an important role when compared to other markets.

The theory that each incremental item becomes less expensive as the volume is

increased

is called:

• Efficiency

• Economies of Scale

• Marginal

• Profit

The following are determinants of value, except:

• Demand

• Scarcity

• Transferability

• Cost

This is a market condition where there are more buyers than properties for sale.

• Open Market

• Buyers' Market

• Sellers' Market

• Property Market