Tuesday, September 3, 2013
Chapter 4 Review Questions
1) The spatial location (or location) of real estate does not differentiate between properties or make each piece of real estate unique.
2) The accessibility of a site does not affect the land value of real estate.
3) Transportation cost and opportunity cost are important factors that determine how much people are willing to pay for real estate.
4) An economic base has a limited amount of information that can be observed and followed because it has few components.
5) Because basic employment drives an area’s population and demand for real estate, changes in the economic base and an area’s ability to create or maintain jobs are important to local real estate markets.
6) The study of urban areas , their spatial structure, and the location of their households and firms is called ______.
a. Central business district (CBD)
b. Land value gradient
c. Urban economics
d. Economics of agglomeration
7) Which is NOT a concept of competitive advantage?
b. Natural resources
c. Attitude and leadership
d. None of the above
8) An urban growth model that describes cities as growing outward and around a CBD in defined rings of different property uses is called ______.
a. Concentric circle growth model
b. Sector (wedge) growth model
c. Axial (radial) growth model
d. Multiple nuclei concept
Answers: 1)F 2)F 3)T 4)F 5)T 6)C 7)D 8)A