Which of the following best describes a "bubble"?
A) when the price of an asset reaches a new high
B) an unsustainable increase in the price of a class of assets
C) rapid increases in inflation
D) when bond prices rise more quickly than stock prices
B
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In the production function Real GDP = T (L, K, NR, H), the T represents the _____________ coefficient, the L represents ________________, the K represents _______________, the NR represents natural resources, and the H represents ________________
A) tax; labor; capital; humanity B) technology; labor; knowledge; humanity C) technology; labor; capital; human capital D) trade; labor; knowledge; human capital
If an individual's total utility from consuming two goods increases, then there must be
A) a downward rotation of the individual's indifference curve. B) an inward rotation of the individual's indifference curve. C) an outward shift of the individual's indifference curve. D) an inward shift of the individual's indifference curve.