RECA CH1 QUIZ QUESTIONS AND
ANSWERS
Which of the following statements is NOT correct regarding the term demographics?
A) It measures the total output of an economy
B) It can affect the supply of, and demand for, real estate
C) It is the study of the characteristics of human populations
D) It includes statistical data such as age, gender, and ethnicity - Answer-A
Which of the following best describes Canada's economy?
A) Barter economy
B) Mixed economy
C) Socialist economy
D) Capitalist economy - Answer-B
What market situation occurs when the quantity supplied is the same amount as the
quantity demanded?
A) Market surplus
B) Market shortage
C) Market equilibrium
D) Market disequilibrium - Answer-C
Which stage of a business cycle experiences positive and increasing economic output
along with inflation in prices?
A) Trough
B) Recovery
C) Expansion
D) Contraction - Answer-C
Which of the following is NOT a benefit of economic growth for society?
A) The stimulation of employment
B) The depletion of natural resources
C) The enhancement in business confidence
D) The improvement in the standard of living - Answer-B
Which of the following variables contribute to economic growth?
A) Amount of natural resources
B) Amount of capital available for investment
C) Technological progress
D) All contribute to economic growth - Answer-D
Which term best describes the model under which RECA operates in relation to the
industries it governs?
A) Self-regulation
, B) Self-jurisdiction
C) Self-government
D) Self-administration - Answer-A
Which term describes the document related to real estate that is produced by an Alberta
land surveyor?
A) Certificate of Title
B) Real Property Report
C) Real Estate Purchase Contract
D) Environmental Site Assessment - Answer-B
What type of real estate market is said to occur when the number of properties in a local
area exceeds the number of buyers?
A) Sellers' market
B) Buyers' market
C) Balanced market
D) Consumer market - Answer-B
What does the theory of demand state?
The higher the price of a product, the lower the quantity demanded
The lower the price of a product, the higher the quantity demanded
The higher the price of a product, the higher the quantity demanded
The lower the price of a product, the lower the quantity demanded
A) Statements I and II
B) Statements III and IV
C) Statements I and IV
D) Statements II and III - Answer-A
Which field of economics studies the basic theories of supply and demand for goods
and services as relates to individuals, households, and firms?
A) Social economics
B) Microeconomics
C) Macroeconomics
D) Market economics - Answer-B
Which of the following is NOT a RECA educational resource for industry professionals?
A) Guides and forms
B) Information bulletins
C) The Regulator and RECA News
D) Spatial Information System (SPIN 2) - Answer-D
Which of the following describes the cyclical fluctuations of alternating periods of
contraction and expansion as reflected in variables such as production, employment,
prices, and wages?
A) Business cycle
ANSWERS
Which of the following statements is NOT correct regarding the term demographics?
A) It measures the total output of an economy
B) It can affect the supply of, and demand for, real estate
C) It is the study of the characteristics of human populations
D) It includes statistical data such as age, gender, and ethnicity - Answer-A
Which of the following best describes Canada's economy?
A) Barter economy
B) Mixed economy
C) Socialist economy
D) Capitalist economy - Answer-B
What market situation occurs when the quantity supplied is the same amount as the
quantity demanded?
A) Market surplus
B) Market shortage
C) Market equilibrium
D) Market disequilibrium - Answer-C
Which stage of a business cycle experiences positive and increasing economic output
along with inflation in prices?
A) Trough
B) Recovery
C) Expansion
D) Contraction - Answer-C
Which of the following is NOT a benefit of economic growth for society?
A) The stimulation of employment
B) The depletion of natural resources
C) The enhancement in business confidence
D) The improvement in the standard of living - Answer-B
Which of the following variables contribute to economic growth?
A) Amount of natural resources
B) Amount of capital available for investment
C) Technological progress
D) All contribute to economic growth - Answer-D
Which term best describes the model under which RECA operates in relation to the
industries it governs?
A) Self-regulation
, B) Self-jurisdiction
C) Self-government
D) Self-administration - Answer-A
Which term describes the document related to real estate that is produced by an Alberta
land surveyor?
A) Certificate of Title
B) Real Property Report
C) Real Estate Purchase Contract
D) Environmental Site Assessment - Answer-B
What type of real estate market is said to occur when the number of properties in a local
area exceeds the number of buyers?
A) Sellers' market
B) Buyers' market
C) Balanced market
D) Consumer market - Answer-B
What does the theory of demand state?
The higher the price of a product, the lower the quantity demanded
The lower the price of a product, the higher the quantity demanded
The higher the price of a product, the higher the quantity demanded
The lower the price of a product, the lower the quantity demanded
A) Statements I and II
B) Statements III and IV
C) Statements I and IV
D) Statements II and III - Answer-A
Which field of economics studies the basic theories of supply and demand for goods
and services as relates to individuals, households, and firms?
A) Social economics
B) Microeconomics
C) Macroeconomics
D) Market economics - Answer-B
Which of the following is NOT a RECA educational resource for industry professionals?
A) Guides and forms
B) Information bulletins
C) The Regulator and RECA News
D) Spatial Information System (SPIN 2) - Answer-D
Which of the following describes the cyclical fluctuations of alternating periods of
contraction and expansion as reflected in variables such as production, employment,
prices, and wages?
A) Business cycle
