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1.1 What economics is and why it's important Read Online
1.2 Microeconomics and macroeconomics Read Online
1.3 How economists use theories and models to understand economic issues Read Online
1.4 How economies can be organized: an overview of economic systems Read Online
To post or not to post? Every day we are faced with a myriad of decisions, from what to have for breakfast, to which route to take to class, to the more complex—“Should I double major and add possibly another semester of study to my education?” Our response to these choices depends on the information we have available at any given moment; information economists call “imperfect” because we rarely have all the data we need to make perfect decisions. Despite the lack of perfect information, we still make hundreds of decisions a day.
And now, we have another avenue in which to gather information—social media. Outlets like Facebook and Twitter are altering the process by which we make choices, how we spend our time, which movies we see, which products we buy, and more. How many of you chose a university without checking out its Facebook page or Twitter stream first for information and feedback?
As you will see in this course, what happens in economics is affected by how well and how fast information is disseminated through a society, such as how quickly information travels through Facebook. “Economists love nothing better than when deep and liquid markets operate under conditions of perfect information,” says Jessica Irvine, National Economics Editor for News Corp Australia.
This leads us to the topic of this chapter, an introduction to the world of making decisions, processing information, and understanding behavior in markets —the world of economics. Each chapter in this book will start with a discussion about current (or sometimes past) events and revisit it at chapter’s end—to “bring home” the concepts in play.
In this chapter, you will learn about:
What is economics and why should you spend your time learning it? After all, there are other disciplines you could be studying, and other ways you could be spending your time. As the Bring it Home feature just mentioned, making choices is at the heart of what economists study, and your decision to take this course is as much as economic decision as anything else.
Economics is probably not what you think. It is not primarily about money or finance. It is not primarily about business. It is not mathematics. What is it then? It is both a subject area and a way of viewing the world.
Question: Douglas takes reservations to purchase timeshares using a preliminary permit. All of the following are TRUE EXCEPT:
Choices:
There must be a cancellation right at any time before the execution of the contract of sales with full refund of any deposit
Douglas must place any deposit in an escrow
Douglas must require that any earned interest on the deposit for the reservation be retained in the brokers trust account for a period of not less than 10 days
Douglas must guarantee the purchase price for a certain period of time even after the permit has been issued by the real estate division
Question: All prospective purchaser must receive all of the following EXCEPT
Choices:
the Public Offering Statement
authority to act on his clients behalf
representation of the customer
that he is licensed
Question: To effect an exchange , an owner of a floating use period MUST first secure a specific week at the home resort through which of the following?
Choices:
the developer
the home resort
The real estate division
the exchange company
Question: which of the statements is incorrect?
Choices:
A solicitation needs not disclose the purpose for the solicitation
Fictitious contest must be used to solicit consumers
a solicitation must disclose the approximate duration of the sales presentation
solicitation must not imply that they originated from public agency
Question: A prospective purchaser is the sole stockholder in a small plumbing company. He wants to purchase a timeshare and use it as an employee incentive. As the company will be paying part of the cost of the timeshare, he wants to own it in joint tenancy with his corporation. Is this permitted in NV ?
Choices:
No, corporations can only own real property as a tenant in severality
Yes anyone , included business entities can own a joint tenants.
No only married persons can be joint tenants
No, one has to be a human being in joint tenancy
Question: An agent warrants
Choices:
that he is licensed
integrity in dealings
representation of the customer
authority to act on his clients behalf
Question: What timeshare interest is offered to a purchaser with the right to use in a timeshare project?
Choices:
tenancy in common
fee simple interest
membership in a club
tenancy in severalty
Question: What must a developer whose property is affiliated with an exchange program disclose to all potential buyers?
Choices:
nothing, this is not the developer's responsability
the nature of the exchange program
the cost and terms
the satisfaction rate of the exchange program
Question: Normally , before the owner of a floating- week timeshare can request an exchange , the owner must first:
Choices:
Request that the exchange company locate a fixed -week resort
request that the exchange company locate a floating-week resort.
pay all maintenance fees f or the balance of the year
obtain reservation for a specified week at his home resort
Question: The covenants, conditions, and restrictions are contained in the
Choices:
declaration
POS
permit
bylaws of the association
Question: Upon receipt of a cancellation for a reservation to purchase , the developer shall return in full the total deposit , plus any interest earned within
Choices:
14 days
5 days
30 days
20 days