Microeconomics

question 2

Multiple Choice

Microeconomics

• A) addresses scarcity from a global perspective
• B) examines how individuals,households,and firms make economic decisions
• C) is purely theoretical and has little value in explaining real-world phenomena
• D) focuses on what is happening in the economy as a whole
• E) answers the fundamental economic questions of how,when,where,and why

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Definitions:

Estate

An interest in land. Property owned by a decedent at the time of his death.

Fee Simple Absolute

The highest form of land ownership, which gives the owner the right to possess and use the land for an unlimited period of time, subject only to governmental or private restrictions, and unconditional power to dispose of the property during his lifetime or upon his death.

Possess

To have ownership or control over an object or property.

Tenant In Common

A form of co-ownership where each party owns a specific fraction of property, but there is no division of the property itself. Each tenant's share can be passed on to heirs.