The greatest estate in real property is a fee simple estate. (a) True (b) False. | Homework.Study.com (2024)

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• A fee simple estate in real property may not be transferred with a bill of sale. (a) True (b) False.
• If title to real property is said to be fee simple, it can not be alienated. (a) True (b) False.
• When a parcel of real property is sold in foreclosure, the easem*nt rights transfer with the title. (a) True (b) False.
• If a company has a building that has already been paid for, aside from property taxes, utilities, and maintenance, it has facilities that are cost-free. True of false?
• An explicit delineation of property rights usually eliminates the problem of externalities. True or false? Why?
• When real property is taken by means of eminent domain, the government has to pay the landowner fair market value. (a) True (b) False.
• The government can force you to sell your personal residence to them for fair market value (reasonable compensation) if the government is going to use your property for a public purpose. True False
• An easem*nt appurtenant passes with the title to the dominant estate. (a) True (b) False.
• Poorly defined property rights inhibit economic growth. a. true b. false
• True or False: The incidence of property taxes that are levied on rented houses and apartments is high-meaning that they are paid almost entirely by the landlords, who are billed by the government for those taxes.
• True or False: Property taxes are the main source of funding for public schools.
• True or false? A burden of a tax on a good will not always be borne entirely by the seller.
• True or false? Private property rights are not essential to market economies.
• True or False. The term economic investment includes purchasing stocks, bonds, and real estate.
• The Fair Housing Act applies to both rental and privately owned property. a. True b. False Most tenants are required to sign a one-year lease a. True b. False Once you sublet an apartment, you are no
• State true or false and justify your answer: Rent control is an example of a price floor.
• Government rights limit private rights in real property by the use of appropriation. (a) True (b) False.
• True or false? In every year in a fixed-rate mortgage, the home equity is equal to the difference between the original price of the property and the remaining balance of the mortgage.
• True or false? Bonds are ownership shares in a firm.
• Unlike economic profit, economic rent can be less than zero. True False
• True or false: 1. Property rights include the right to buy or sell one's resources and goods 2. All countries are equally effective at enforcing property rights 3. Property can be tangible or intangib
• Taxes are an example of a transaction cost. True False
• Economic costs = Explicit costs minus implicit costs. True False
• Economic costs = Explicit costs plus implicit costs. True False
• Intellectual property rights are difficult to protect. a. True. b. False.
• True or False:the lower the amount of leverage used to purchase assets, the less damage an asset price bubble can cause. a) True b) False Fill in the blanks: Among the challenges that the Federal Rese
• Total fixed costs equal total variable costs at zero output. True False
• Rent controls are one of a handful of examples of a price floor. True False
• One cause of market failure may be the absence of clearly defined property rights. True or False?
• When a firm is able to set its price, its price will always be less than its MR. Is this statement true or false? Explain.
• True or False: Economics growth is positively correlated with property rights.
• Profit per unit can be expressed as price - cost per unit. True False
• True or false? Price discriminators profit by charging a uniform price to all customers.
• In general, it can be said that leisure is a "free good". True or False?
• Implicit costs exceed explicit costs. True False
• Implicit costs are always fixed. True False
• State True or False. Attorneys who are paid a flat fee or a contingency fee are both likely to work less on a case than if they are paid an hourly rate.
• A monopolist may not charge the highest price they could get (at MR = MC) in the short run. (a) True (b) False.
• Total fixed costs vary with output. True False
• Unlike economic profit, economic rent doesn't involve opportunity costs. True False
• True or false? Opportunity cost is synonymous with explicit costs.
• It is possible for a firm to have positive fixed cost and zero total cost. a. True b. False
• True or false? Even a person with unlimited wealth must deal with opportunity costs.
• Accounting costs = Implicit costs. True False
• True or false? Public goods are generally provided by the government because they are very expensive to construct.
• True or false: In a case where government regulation causes the value of property to decrease (say through a zoning law), the efficient rule for the courts to adopt is a rule of "police power regulati
• Implicit costs do not enter into the calculation of economic profit. True False
• Price controls representing minimum legal prices is a price floor. a. True b. False
• The free-rider problem arises in markets for common property resources. A. False B. True
• Answer true, false or uncertain and explain why: A common property good is non-rivalrous and non-exclusive.
• The free-rider problem arises in markets for common property resources. True or false.
• True or false? Buyers and sellers rarely share the burden of a tax equally.
• True or false? Subprime loans are loans on houses that are below average value.
• When monopoly charges a higher price, fewer of its good are sold. a. True b. False
• A price floor is a minimum price that the government establishes by law. a) True b) False
• True or false? Because a monopoly is the only firm in an industry, it can charge any price.
• True or false? One of the functions of the Federal Reserve is setting the interest rate on home mortgages and auto loans.
• Whether buyers or sellers bear the majority of the tax burden depends on who initially imposed the tax. True or false?
• Fixed costs do not change with the level of output. a. True. b. False.
• The return on total assets ratio is a profitability measure. True False
• True or False: Rent control in New York is a prominent example of price floor.
• True or false? Total fixed costs equal total costs minus total variable costs.
• The building of new residential structures for households is a component of Personal Consumption Expenditures. - TRUE - FALSE - UNCERTAIN EXPLAIN
• Implicit cost is an opportunity cost of doing business. a. true b. false
• Economic rent is the equivalent annual cost of operating capital equipment. (True/False)
• Utility is not easy to measure and quantify. A. True B. False
• True or false? Real asset markets are more efficient than financial markets.
• A firm should always produce at an output at which long-run average cost is minimized. a. True. b. False.
• An excise tax is a tax on imported goods. a) true b) false
• The price a monopolist charges may or may not be above its average cost, but it is always above its MR. A) True B) False
• For a monopoly, marginal revenue is often greater than the price they charge for their good. a. True b. False
• Issue costs for debt are considerably lower than issue costs for equity securities. True False
• A firm that earns the opportunity cost of capital is earning economic rents. (True/False)
• The price of leisure is an individual's wage, and this is the opportunity cost of not working. True or false?
• Consumer surplus is the total utility of the good. True False
• Prices can be rising in the market for apartments, even with a positive vacancy rate, and even there are vacant apartments. a. True b. False
• A price ceiling will have no effect on the quantity of the good supplied. True False
• If medicine is a necessity, the burden of a tax on medicine will likely land more heavily on the buyers of medicine. True or false? Explain.
• State true or false and justify your answer: With private property rights, personal ownership provides an incentive for property owners to use their property wisely and conserve their resources.
• Successful price discrimination requires that buyers charged the different prices be physically separated. (i) True (ii) False
• True or false? If a firm has only variable costs, average total costs and average variable costs are the same.
• If local house prices rise by $1 after local property taxes are reduced by $1, then the pre-tax-reduction equilibrium was inconsistent with the Tiebout (1956) model. True, false, or uncertain?
• Wages paid are an example of an explicit cost of doing business. True or False?
• Wages paid are an example of an explicit cost of doing business. a. true b. false
• If a firm is producing no output in the long-run, then its Total Cost equals zero. (i) True (ii) False
• Goods are scarce for both rich and poor. (a) True (b) False.
• A utility-maximizing consumer equalizes marginal utilities across all goods. a. True b. False
• Total profit for an oligopolist is less than of a perfectly competitive firm. a. True b. False
• If the owner of a business pays himself no salary, then the accounting cost is zero, but the economic cost is positive. True or false?
• An easem*nt may be removed from county records by a quitclaim deed signed by the owner of the easem*nt. (a) True (b) False.
• True or false? If the cost borne by a firm when output is zero is $100 and the cost of producing 5 units is $250, then the variable cost of the firm is equal to $150.
• True or false? In the presence of a binding price floor, a good will not be efficiently allocated among consumers.
• State True or False. Airline Ticket is the Peak-Load Pricing.
• The construction costs and maintenance costs of US highways are paid from the gasoline tax. True or false?
• A price ceiling will increase the quantity of the good supplied. True False
• Opportunity costs are the sum of every possible alternative. a. True b. False
• True or false? The value of money and the price level have an inverse relationship.
• Marginal utility is the utility derived from the additional unit of a commodity consumed. True False
• True or false? Putting different mortgage loans in a pool for selling is always bad for the economy.
• The law of supply states that there is a direct relationship between price and quantity demanded. (a) True (b) False.