A Number of Systems for Grading and Classifying Hotels Are

question 5

Multiple Choice

A number of systems for grading and classifying hotels are in use throughout the world. According to your text, which system is the most satisfactory?

• A) A, B, C, D, E
• B) first class, second class, etc.
• C) deluxe to good
• D) the 5 star system

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Definitions:

Land Taxes

Taxes imposed on property owners based on the value of their land, commonly used by governments as a source of revenue.

Incentive Function

The inducement that an increase in the price of a commodity gives to sellers to make more of it available (and conversely for a decrease in price), and the inducement that an increase in price offers to buyers to purchase smaller quantities (and conversely for a decrease in price).

Rental Payments

Rental payments are periodic payments made by a tenant to an owner for the use of property, such as for housing or commercial space.

Productive Efficiency

The production of a good in the least costly way; occurs when production takes place at the output at which average total cost is a minimum and marginal product per dollar’s worth of input is the same for all inputs.