Refer to Scenario 2. If the age of a house is 25 years with 1,500 square feet, what is the estimated market value of the house?
What will be an ideal response?
Market Value = 47331.38 - 825.161(25 ) + 40.91107(1,500 ) = $88,068.96
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In the above figure, when real disposable income is less than 600, then
A) consumption is less than disposable income. B) consumption is the same as disposable income. C) consumption is more than disposable income. D) the MPC will fall.
A factor market is a market in which
A) households buy goods and services. B) households sell the services of the factors of production they control. C) firms sell the services of the factors of production. D) firms sell goods and services.
Instituting a rent control program will most likely lead to
A) a shortage of rental units. B) overly elaborate and expensive construction. C) an efficient allocation of existing units among consumers. D) an excess quantity supplied of rental units.
The ________ cost to society of producing an additional unit of a good or service is the marginal social cost.
A. private B. total C. subsidized D. damage