REAL 4000 Test 2 (UGA Martin); Questions & Answers 100% Solved
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Course
REAL 4000 UGA
Institution
REAL 4000 UGA
REAL 4000 Test 2 (UGA Martin); Questions &
Answers 100% Solved
two real estate markets Correct answer-the market for land and the market for space
the market for land Correct answer-the market where those who supply space compete
with each other for locations
the market for space Correct ans...
demand Correct answer-the value of urban land is almost completely determined by
_____?
fixed Correct answer-supply is essentially
location Correct answer-what determines the demand for a particular piece of land?
access Correct answer-demand for a location is primarily a demand for _____?
pay the most Correct answer-developers compete for land with the best offers access to
a large population and the developer that wins ________
, REAL 4000 Test 2 (UGA Martin); Questions &
Answers 100% Solved
who is willing to pay the most? Correct answer-the one whose users place the highest
value on the site, and the one with the ability to offset the high cost of the land
offset the high cost of land Correct answer-use less of it by building upwards
Factor substitution Correct answer-substitute building materials for land
competitive advantage of building upwards Correct answer-office building, apartments,
hotels can but factories and warehouses cant
vertical space Correct answer-occupies most costly sites, most dense development, they
become more desirable because more people live there
city Correct answer-a location where the density of economic activity is significantly
greater than it is in the surrounding area
industry economies of scale Correct answer-average production cost falls as quantity
supplied increases.
small firms Correct answer-large firms are better than
, REAL 4000 Test 2 (UGA Martin); Questions &
Answers 100% Solved
optimal industry structure Correct answer-involves fewer larger firms rather than many
small firms
agglomeration economies Correct answer-individual firm becomes more efficient when it
is located close to other firms (localization or urbanization)
localization economies Correct answer-Individual firm becomes more efficient as the size
of the local industry increases. Industry clusters
urbanization economies Correct answer-individual firm becomes more efficient as the
size of the city that is located in increases. firms are more efficient in larger cities than in smaller
ones
causes of localization economies Correct answer-lower input prices, support of
specialized services, more effect labor market matching, learning and innovation
lower input prices Correct answer-large local industry presence input suppliers to locate
nearby. lower transport costs lead to lower input prices
support of specialized services Correct answer-large local industry presence creates a
large enough local market to enable providers of specialized services to locate nearby. increases
the quality of the services provided
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