Multiple Choice
In an economy, who primarily has the role of buying goods and paying for services?
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0. Basic Principles of Economics
Introduction to Economics
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Which of the following is an important economic characteristic of real estate?
A
Immobility
B
High liquidity
C
Unlimited supply
D
Standardized product
Verified step by step guidance1
Understand the concept of economic characteristics of real estate, which describe unique features that distinguish real estate from other goods or assets.
Review each option and recall definitions: 'Immobility' means that real estate cannot be moved from one location to another, which is a fundamental characteristic.
'High liquidity' refers to how quickly and easily an asset can be converted into cash, which is generally low for real estate.
'Unlimited supply' means there is no restriction on the quantity available, but real estate is limited by location and land availability.
'Standardized product' means all units are identical, but real estate properties are unique and vary widely in location, size, and features.
Conclude that 'Immobility' is the correct economic characteristic because real estate is fixed in location and cannot be relocated, unlike other goods.
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