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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: Most timeshares units are sold on credit.These lending arrangements must comply with Regulation Z of the Federal Reserve Board . The PRIMARY purpose of Regulation Z, as applied to timeshare sales. is to assure which of the following?
Choices:
Requirement that lending be done without regard to race , color , or national origin.
Anyone declined of credit is informed of the reasons for being turned down.
A 3 day cooling-off period known as the "rescission period"
Full disclosure of all financing costs and charges.
Question: In an agency relationship,
Choices:
an agent need only disclosed material facts with his clients
a special agent may bind his client to contracts
an agent must disclose material facts to prospective purchaser
an agent need not account to his client except for all cash he may receive
Question: Federal Reserve Board's Regulation Z is applicable to
Choices:
Fees only
Right to use only
Campsite membership
All of the above
Question: A property manager refuses to rent an office because the rental applicant is an African-American . This applicant has legal recourse under
Choices:
The ADA rules
Civil Rights Act of 1866
Federal Fair Housing Act of 1968
Civil Rights Act of 1964
Question: All the following statements are True about an owners' association EXCEPT it
Choices:
is formed to provide for the governing of the project
prepares or causes preparation of a budget for the annual operation of the project
is a business entity , normally a corporation , initially formed by the developer to manage the affairs of the timeshare resort
is formed primarily for the purpose of selling timeshare interests in the resort
Question: How many days does a developer have to refund any deposits collected if a purchaser chooses to cancel the contract to purchase
Choices:
7 days
10 days
20 days
30 days
Question: Which document must be received and signed by the purchaser before the execution of any contract for the sale of a timeshare?
Choices:
Truth in Lending
Acknowledgments
Purchase agreement
Public Offering Statement
Question: What is normally included in the annual maintenance fee charged in a timeshare program
Choices:
Taxes and Insurance
Replacement of furniture
Maintenance of rooms
All of the above
Question: If a timeshare project is affiliated with a timeshare purchase agreement , the purchaser may
Choices:
Pay any of the fees charged by the exchange plan for the first 2 years
Provide each timeshare sales agent with the exchange plan's name and address
Give each prospective purchaser a free exchange if they buy
Give the administrator of the division a report from a CPA on the exchange plan's performance
Question: The Duties Owed by a Nevada Real Estate licensee
Choices:
only applies to sales agents licensed under NRS 645
let everyone know that timeshare sales agents are universal agents
must be given to each prospective purchaser before any contract is signed
is completed by the project broker before any escrow can close
Question: The administrator has scheduled an informal meeting to discuss certain sales practices at Douglas' promotional meetings.Which of the following in NOT true?
Choices:
Mandates a judge or constable be present for the record
Matters discussed or materials presented may be used in any subsequent formal hearings
May be tape recorded
Is lawful under NRS 119 A
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