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An economic recovery is defined as A) two successive quarterly declines in the gross domestic product. B) two successive quarterly increases in the gross domestic product. C) a period of higher housing prices. D) two successive periods of stock market gains. - ANSWER B) two successive quarterly increases in the gross domestic product. Explanation When consumers, lured by lower prices, venture back into the market, business activity increases and confidence begins to return. Slowly, production facilities gear up to meet the new consumer demand, capital begins to flow back into business enterprises, and additional employees are hired. The three types of operating expenses of an income property are A) fixed, debt service, and reserves for replacements. B) reserves for replacements, fixed, and variable. C) variable, income taxes, and fixed. D) reserves for replacements, variable, and income taxes. - ANSWER B) reserves for replacements, fixed, and variable. Explanation Operating expenses are divided into three categories: fixed expenses, variable expenses, and reserves for replacement. A person applies for a $300,000, 30-year fixed-rate mortgage loan at 4%. The mortgage payment factor is .. Taxes for the year are $4,000, and insurance is $2,400. Her monthly payment for principal, interest, taxes, and insurance (PITI) will be A) $1,432.25. B) $1,773.64. C) $1,273.64.