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Questions
Q:
Which of the following is considered an advantage of a sole proprietorship?A) easy to raise large sums of capital B) limited liability for ownerC) profit taxed only once D) permits effective specialization
Q:
Martin, who owned a piece of land along with two other tenants, executed a will in which he left all his property to his son. When Martin died, his son received his interest in the shared property and became a tenant with the other two owners. What kind of concurrent ownership would allow such a passage of title?
A) joint tenancy
B) tenancy in common
C) tenancy by the entirety
D) community property
Q:
Which of the following is a form of co-ownership that disallows the right of survivorship and allows unilateral transfer of interest?
A) tenancy in common
B) joint tenancy
C) cooperatives
D) tenancy by the entirety
Q:
Kate, Kelly, Rita, and Lucy own a large commercial building as joint tenants with a right of survivorship. Kate sells her one-quarter interest in the building to Bao. After the sale, Bao, Kelly, Rita, and Lucy are ________.
A) joint tenants, with a right of survivorship
B) tenants by the entirety, with no right of survivorship
C) tenants in common, with no right of survivorship
D) tenants by the entirety, with a right of survivorship
Q:
Carmen, Westbrook, and Ashton are concurrent owners of a large commercial building. Ashton executes a will that leaves all his property to his son in the event of his death. But after Ashton passes away, his ownership interest in the building is acquired by the two remaining tenants of the building. Which of the following kinds of concurrent ownership would allow such a passage of title?
A) a tenancy by the entirety
B) a community property
C) a joint tenancy
D) a tenancy in common
Q:
If the budget line rotates, then we know thatA) income has changed.B) their has been a change in the consumerʹs tastes. C) the price of one of the goods had changed.D) the consumer was not maximizing their utility.
Q:
Which of the following provisions protects the interest of a joint tenancy upon the death of a joint tenant?
A) the quiet title action
B) the estate in land
C) the right of survivorship
D) the quitclaim deed
Q:
Karen, Kelsey, Rita, and Lizzi own a large commercial building as concurrent owners. They are tenants with the right to survivorship. Lizzi sells a quarter of her interest in the building to Stella. What kind of concurrent ownership exists between Karen, Kelsey, Rita, and Stella?
A) a tenancy in common
B) a tenancy by the entirety
C) a joint tenancy
D) a community property
Q:
When does a joint tenancy become a tenancy in common?
A) when a joint tenant sells his or her property
B) when a joint tenant dies
C) when two joint tenants swap their share in the tenancy
D) when two joint tenants are bound by a marital relationship
Q:
A consumer with unlimited income will continue consuming goods untilA) the marginal utility of each is equal to zero.B) the marginal utility of each is negative. C) total utility rises.D) marginal utility equals total utility.
Q:
Horace, Keith, and John own Rendezvous, a luxury dining restaurant, as joint tenants. After the death of Horace, Keith and John became the owners of Horace's interest in the property automatically. This feature of concurrent ownership is called ________.
A) a quiet title action
B) adverse possession
C) a nonconforming use
D) the right of survivorship
Q:
A ________ is a form of co-ownership that includes the right of survivorship.
A) tenancy in common
B) joint tenancy
C) cooperative
D) tenancy by the entirety
Q:
What is a life estate?
Q:
A(n) ________ is a type of freehold estate wherein the ownership is taken away upon the occurrence or nonoccurrence of a specified condition.
Q:
An inferior good has an income elasticity of demand that isA) positive. B) negative. C) positive but less than 1. D) zero.
Q:
A(n) ________ estateis an estate in which the owner has a present possessory interest in the real property.
Q:
Certain personal property is so closely associated with real property that it becomes part of the realty. Such items are called ________.
Q:
A life tenant is treated as the owner of the property even after the duration of the life estate.
Q:
A terminated life estate property reverts to the grantor or the grantor's estate or other designated person.
Q:
The more sensitive people are to a change in price, theA) greater a change in price must be to induce a certain change in quantity demanded. B) greater is the price elasticity of demand.C) smaller the price elasticity of demand.D) closer the price elasticity of demand is to one.
Q:
The person who is given a life estate is called the life tenant.
Q:
If a person owns real property in fee simple, his or her ownership has no limitation on inheritability.
Q:
If a person owns real property in fee simple, his or her ownership is limited in duration.
Q:
Which type of property would be the most likely to experience pollution?A) common property B) private propertyC) property held in partnership D) corporate property
Q:
A fee simple owner has the right to exclusively possess and use his or her property to the extent that the owner has not transferred any interest in the property.
Q:
Kitchen cabinets in a building are considered fixtures.
Q:
Plant life and vegetation growing on the surface of land are considered personal property.
Q:
Subsurface rights cannot be sold separately from surface rights.
Q:
Which of the following is NOT a subsidy in the new the federal governmentʹs new national health care program?A) Families with incomes up to 133% of the federal poverty level are eligible for federal Medicaid coverage.B) Families with incomes up to 400% of the federal poverty level are eligible for thousands of dollars in tax subsidies per year (amounts vary with family incomes).C) Tax credits are available to businesses providing health insurance to 25 or fewer workers and paying annual salaries averaging no more than $50,000.D) A special subsidy rate of 3.8% is applied to nearly all income earnings above $200,000 for individuals or $250,000 for married couples.
Q:
A bridge is an example of real property.
Q:
Buildings constructed on land are considered personal property.
Q:
A life estate that is measured by the life of a third party is referred to as ________.
A) an estate pour autre vie
B) a servient estate
C) community property
D) a quid pro quo
Q:
Which of the following is true of a life tenant?
A) A life tenant has the right to sell the life estate at will.
B) A person who gives a life estate to another is called a life tenant.
C) A life tenant can possess the life estate to the point of rendering it worthless by permanent damage.
D) A life tenant is treated as the owner of the property for the duration of the life estate.
Q:
Refer to the above figure. For which Lorenz curve does the richest 40 percent make 50 percent of the nationʹs money income?A) A B) B C) C D) D
Q:
________ is an interest in real property that lasts for a specified person's lifetime.
A) Life estate
B) Fee simple absolute
C) Servient estate
D) Fee simple defeasible
Q:
A ________ grants the owner all the incidents of a fee simple absolute except that ownership may be taken away if a specified condition occurs or does not occur.
A) future interest
B) servient estate
C) fee simple defeasible
D) life estate
Q:
The difference between a qualified fee ownership and a fee simple ownership is that a qualified fee ownership can be ________.
A) transferred at will by the owner of the property
B) terminated if a specified event occurs or fails to occur
C) infinite in its duration
D) inherited without limitations
Q:
The Taft-Hartley Act outlawed all of the following practices EXCEPT A) secondary boycotts. B) union shops.C) closed shops. D) sympathy strikes.
Q:
Which of the following is true of a fee simple absolute?
A) It cannot be inherited.
B) It terminates based on the occurrence or nonoccurrence of a specified event.
C) It is infinite in duration.
D) It cannot be transferred at will.
Q:
________ is a type of ownership of real property that grants the owner the fullest bundle of legal rights that a person can hold in real property.
A) Fee simple absolute
B) Life estate
C) Servient estate
D) Fee simple defeasible
Q:
A(n) ________ is an estate in which the owner has a present possessory interest in the real property.
A) servient estate
B) freehold estate
C) future interest
D) easement
Q:
The legal right a real property owner has to possess, use, and enjoy the property is known as a(n) ________.
A) future interest
B) estate in land
C) easement right
D) estoppel by deed
Q:
In the above figure, the line labeled ʺMRPLʺ also represents the firmʹsA) supply curve. B) marginal physical product curve. C) total physical product curve. D) demand curve.
Q:
Air rights enable the owner of property to ________.
A) develop cultivated plant life on the land
B) drill into the earth to utilize groundwater for personal use
C) rent or sell the space above the property for commercial purposes
D) create fixtures that become a part of the real estate sales contract
Q:
What is a fixture?
A) personal property so closely associated with real property that it becomes part of the realty
B) an intangible asset created within the parameters of certain real property
C) a component of real property that is easily transferrable without substantial damage to the real property
D) a tangible, physical item that cannot be classified as real property
Q:
Plant life that is severed from the land is considered ________ property.
A) intangible
B) immovable
C) real
D) personal
Q:
Plant life and vegetation growing on the surface of land are considered ________ property.
A) intangible
B) real
C) personal
D) community
Q:
All of the following are exempt from antitrust lawsuits EXCEPTA) labor unions. B) professional baseball. C) public transportation. D) software developers.
Q:
Which of the following is true of subsurface rights in real property?
A) Subsurface rights cannot be used to mine exhaustible natural resources.
B) Subsurface rights can be sold separately from surface rights.
C) Subsurface rights are not provided for the discovery of malleable metals like gold and iron.
D) Subsurface rights can only be invoked to dig oil wells.
Q:
The rights to the earth located beneath the surface of the land are referred to as ________ rights.
A) chattel
B) air
C) mineral
D) joint
Q:
What are surface rights in real property?
A) the right to possess the earth beneath the land
B) the right to occupy the land
C) the right to possess personal property
D) the right to convert personal property to negotiable instruments
Q:
Which of the following federal agencies is engaged in social regulation?A) Equal Employment Opportunity CommissionB) Office of the Comptroller of the Currency C) The Securities and Exchange Commission D) Federal Deposit Insurance Corporation
Q:
A(n) ________ is an example of real property.
A) building
B) patent
C) automobile
D) framed painting
Q:
Land as well as buildings, trees, soil, minerals, timber, plants, and other things permanently affixed to the land are known as ________ property.
A) intellectual
B) intangible
C) personal
D) real
Q:
Give an account of state environmental protection laws.
Q:
Oligopoly is a market situation in whichA) there is no product differentiation. B) there are very few sellers.C) firms seldom react to price changes. D) only homogeneous products are sold.
Q:
How are endangered species protected in the United States? Name three laws that protect wildlife species.
Q:
The secretary of commerce is empowered to enforce the provisions of the ________ Act to protect endangered marine species.
Q:
The Endangered Species Act applies only to private parties.
Q:
Taking is defined as an act intended to "harass, harm, pursue, hunt, shoot, wound, kill, trap, capture, or collect" an endangered animal.
Q:
Which of the following is true of the Endangered Species Act?
A) It is the only federal law that currently protects wildlife.
B) It empowers the U.S. secretary of the interior to declare a form of wildlife as endangered.
C) It does not include marine species and amphibian life.
D) It applies only to the government taking of any endangered species.
Q:
Refer to the above figure. Economic profits for this firm areA) negative.B) zero.C) positive.D) undetermined without more information.
Q:
The disposal of new hazardous wastes is regulated by the ________ Act.
Q:
In 1980, Congress enacted the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), which is commonly called the ________.
Q:
The ________ Act provides for the creation of a government fund to finance the cleanup of hazardous waste sites.
Q:
According to the above figure, the profit-maximizing price for the monopolist isA) A. B) B. C) C. D) D.
Q:
Under the ________ Act, pesticides must be registered with the EPA before they can be sold.
Q:
The ________ Act requires manufacturers and processors to test new chemicals to determine their effects on human health and the environment and to report the results to the EPA before the chemicals are marketed.
Q:
The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) is commonly called the Superfund.
Q:
The Superfund is financed through taxes on products that contain hazardous substances.
Q:
A monopolist is defined asA) a firm with annual sales over $10 million.B) a large firm, making substantial profits, that is able to make other firms do what it wants. C) a single supplier of a good or service for which there is no close substitute.D) a producer of a good or service that is expensive to produce, requiring large amounts of capital equipment.
Q:
Under the Resource Conservation and Recovery Act, the EPA is authorized to regulate underground storage facilities.
Q:
The Clear Air Act requires the EPA to identify toxic air pollutants that present a substantial risk of injury to human health or the environment.
Q:
The EPA requires special labeling of toxic substances.
Q:
The Toxic Substances Control Act is administered by the U.S. Army Corps of Engineers.
Q:
In the above figure, if d3 is the relevant demand curve for this firm, then which level of output will maximize this firmʹs profits or minimize its losses?A) A B) B C) C D) D
Q:
Which of the following is a federal government mandate under the Nuclear Waste Policy Act?
A) to set standards for radioactivity in the environment
B) to select a permanent site for the disposal of nuclear wastes
C) to regulate thermal pollution from nuclear power plants
D) to use wetlands for nuclear waste disposal
Q:
Armex, a large power plant, has been in the news for a potential defect in the construction of its inner chambers that caused radioactive fumes to escape from the plant to the surrounding areas. This has endangered the lives of the employees at the plant as well as those staying in nearby areas. This safety violation is likely to be addressed by the ________ for corrective action, including possible closure of the plant.
A) Federal Nuclear Agency (FNA)
B) U.S. Army Corps of Engineers (USACE)
C) Nuclear Waste Policy Commission (NWPC)
D) Nuclear Regulatory Commission (NRC)
Q:
Which of the following is true of the Superfund?
A) It gives a mandate to the state government to deal with hazardous wastes that have been spilled, stored, or abandoned.
B) It identifies sites in the United States where hazardous wastes have been disposed of, stored, abandoned, or spilled.
C) It levies extra tax on the people of a state where hazardous wastes have been improperly disposed.
D) It does not permit states and private parties who clean up hazardous waste sites to seek reimbursement from the fund.
Q:
What is the relationship between the marginal cost curve and marginal product? Explain.