Land Economics Test 1 Exam With Questions and 100% Correct Answers

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Land Economics Test 1 Exam With Questions and 100% Correct Answers

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2024/2025

Institution Land Economics

Course Land economics

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Land Economics Test 1 Exam With Questions and 100% Correct Answers

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land economics test 1

What is elasticity? - Answers -the sensitivity or responsiveness to a change in price

if it is greater than 1 it is? - Answers -elastic

if it is less than 1 it is? - Answers -inelastic

if it is equal to 1 it is? - Answers -unit elastic

the elasticity of demand and supply in the land market vary from? - Answers -region to
region

what is equilibrium? - Answers -demand and supply are equal

What is a surplus? - Answers -when quantity supplied is greater than quantity
demanded

What is a shortage? - Answers -when quantity demanded is greater than quantity
supplied

many area in mississippi tend to be? - Answers -inelastic

demand is relatively more inelastic in ______ areas? - Answers -rural

____ are more price sensitive areas - Answers -urban

what is the definition & scope of land economics? - Answers -economic use and
allocation of the surface resources of the earth and all the technical, physical, biological,
economic, and institutional factors that influence and control our use of these resources

the main focus is on? - Answers -real estate

what were the reparations promised to former slaves? - Answers -40 acres of land and
a mule

What are the factors of production? - Answers -land, labor, capital, management

what are the classifications of land? pt. 1 - Answers -residential- living
commercial- businesses
industrial- factories/production

what are the classifications of land? pt. 2 - Answers -agriculture land

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Uploaded on: May 27, 2025
Number of pages: 3
Written in: 2024/2025
Type: Exam (elaborations)
Contains: Questions & answers

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Land Economics Test 1 Exam With Questions and 100% Correct Answers

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