The purchaser of a property in a planned unit development will usually NOT receive
A) an interest in the unit owners' association.
B) a direct ownership interest in the common areas.
C) title to the land on which the unit is built.
D) a share in the control of the commonly-owned elements.
Answer: B) a direct ownership interest in the common areas.
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An open market operation involves
A) the Federal Reserve's purchase or sale of securities. B) the Federal Reserve's issuance of new stock. C) changing federal income tax rates. D) raising the debt limit of the United States.
The socially efficient level of output is determined where:
a. marginal social cost equals marginal social benefit. b. marginal private cost equals marginal social benefit. c. average social cost equals average social benefit. d. average private cost equals average social benefit.
If population growth is less than output growth for a country,
A. The per capita living standard will increase. B. GDP must have fallen at a fairly rapid rate. C. Average living standards will decrease. D. Real GDP has decreased.
If people consume fewer bottles of orange juice as their income rises, orange juice is
A. an inferior good. B. a necessity. C. a normal good. D. an abnormal good.