Monday, January 30, 2012

Ch. 4 Objective Questions

Ch. 4 Objective Questions
Forrest Miller
1) Von Thunen's formula is _________

a) Property Tax = f(Property Value)
b) Land Value = f(Accessibility)
c) Accessibility = Land Value + Property Tax
d) Land Rent = Accessibility + Property Tax

2) The Three most important Real Estate characteristics are:

a) Location, Time, Price
b) Value, Square foot, Asking Price
c) Situs, Situs, Situs
d) Location, Situs, Price

3) The single land use that produces the highest return or price to a landowner is the definition of what term?

a) Economies of agglomeration
b) Highest and best use of land
c) Efficiency factor
d) Maximum return

4)  Urban economics definition is the study of country areas, including agriculture layouts and location of farms and migrant workers?

5) The Land Value Gradient is a positive upward sloped line.

6)  The Opportunity cost for buying a piece of real estate is the capital you paid for it?

7)  Fresno, CA has a competitive advantage because of the rich agriculture in the central valley area.

8) Basic Employment is a job in and industry that serves the local population's basic needs.

1) B
2) C
3) B
4) F
5) F
6) F
7) T
8) F

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