Unit 3 Real Estate and the Economy

Unit 3 Real Estate and the Economy

9th - 12th Grade

35 Qs

quiz-placeholder

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Unit 3 Real Estate and the Economy

Unit 3 Real Estate and the Economy

Assessment

Quiz

Business

9th - 12th Grade

Practice Problem

Medium

Created by

Joseph Montague

Used 1+ times

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35 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Economics in real estate focuses on

The emotional value of owning a home
How property and services are produced, distributed, and consumed
How land use is controlled by government agencies
The design and architecture of buildings

Answer explanation

Economics studies production, distribution, and consumption of goods and services.

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Gross Domestic Product (GDP) measures

The total number of new homes built in a year
The total value of all goods and services produced within a country
The average household income
The total money spent on imports and exports

Answer explanation

GDP represents total economic output within a nation's borders.

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The real estate industry is part of which area of the economy?

Primary sector (farming and mining)
Secondary sector (manufacturing)
Tertiary sector (services)
Quaternary sector (technology research)

Answer explanation

Real estate provides services, which are part of the tertiary sector.

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The balance between the number of homes available and the number of buyers is called

Opportunity cost
Equilibrium pricing
Supply and demand
Market saturation

Answer explanation

Supply and demand determine prices and availability in real estate.

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

When demand for homes increases but supply remains unchanged, prices usually

Stay the same
Decrease slightly
Increase
Fluctuate randomly

Answer explanation

Higher demand with limited supply causes prices to rise.

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following is an economic characteristic that affects land value?

Location of the property
Zoning regulations
Architectural style
Paint color

Answer explanation

Location greatly impacts desirability and value of real estate.

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

When developable land in a city becomes limited, this illustrates

Scarcity
Conformity
Substitution
Assemblage

Answer explanation

Scarcity means limited land increases competition and value.

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