1.c. developers 2.e. A and B 3.c. Land and Built space 4. Money and Stock 5.c. construction and land market 6. expect a reduction in property asset value 7.b. Demand 8. converts physical capital into financial capital 9.D 10.A 11.D 12.C 13.A 14.B 15.A 16. rent go up, prices of real estsate asset go up, new development increases 17.C 18.D 19.D 20. location and size 21.B 22.D 23.D 24.B 25.C 26.B 27.D 28.B 29.A 30.D 31.D 32.B 33.C 34.D 35.C 36.D 37.A 38.E 39.A 40.C 41.C 42.A 43.A 44.D 45.C Solution 1.c. developers 2.e. A and B 3.c. Land and Built space 4. Money and Stock 5.c. construction and land market 6. expect a reduction in property asset value 7.b. Demand 8. converts physical capital into financial capital 9.D 10.A 11.D 12.C 13.A 14.B 15.A 16. rent go up, prices of real estsate asset go up, new development increases 17.C 18.D 19.D 20. location and size 21.B 22.D 23.D 24.B 25.C 26.B 27.D 28.B 29.A 30.D 31.D 32.B 33.C 34.D 35.C 36.D 37.A 38.E 39.A 40.C 41.C 42.A 43.A 44.D 45.C.

1. 1.c. developers
2.e. A and B
3.c. Land and Built space
4. Money and Stock
5.c. construction and land market
6. expect a reduction in property asset value
7.b. Demand
8. converts physical capital into financial capital
9.D
10.A
11.D
12.C
13.A
14.B
15.A
16. rent go up, prices of real estsate asset go up, new development increases
17.C
18.D
19.D
20. location and size
21.B
22.D
23.D
24.B
25.C
26.B
27.D
28.B
29.A
30.D
31.D
32.B
33.C
34.D
35.C

2. 36.D
37.A
38.E
39.A
40.C
41.C
42.A
43.A
44.D
45.C
Solution
1.c. developers
2.e. A and B
3.c. Land and Built space
4. Money and Stock
5.c. construction and land market
6. expect a reduction in property asset value
7.b. Demand
8. converts physical capital into financial capital
9.D
10.A
11.D
12.C
13.A
14.B
15.A
16. rent go up, prices of real estsate asset go up, new development increases
17.C
18.D
19.D
20. location and size
21.B
22.D
23.D

3. 24.B
25.C
26.B
27.D
28.B
29.A
30.D
31.D
32.B
33.C
34.D
35.C
36.D
37.A
38.E
39.A
40.C
41.C
42.A
43.A
44.D
45.C