Free Pennsylvania Real Estate Practice Exam Practice Question
The characteristics of value include demand, scarcity, transferability, and:
Correct Answer: D
Rationale: Value in economics is determined by several key characteristics, including demand, scarcity, transferability, and utility. Utility refers to the usefulness or satisfaction derived from a good or service, which directly influences its value.
Option A, equitability, pertains to fairness in distribution but does not define value itself. Option B, title, relates to ownership rights rather than the inherent characteristics of value. Option C, agreement, involves consensus in transactions but does not contribute to the intrinsic value of an item. Thus, utility is essential as it directly impacts how valuable a good or service is perceived to be.
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