In what situation would a macroeconomist find real gross domestic product most useful?
a. when reporting the figures for economic growth in the latest quarter
b. when comparing economic growth during two different decades
c. when measuring the change in the unemployment rate over the past decade
d. when analyzing what factors affect changes in the price level over time
b. when comparing economic growth during two different decades
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Money as a medium of exchange
I. facilitates the exchange of goods. II. reduces or eliminates the need for barter. A) I only B) II only C) both I and II D) neither I nor II
An increase in the price of the cheese used to produce pizza shifts the supply curve of pizza ________ and shifts the demand curve for pizza ________
A) rightward; leftward B) leftward; leftward C) leftward; not at all D) not at all; leftward
Wheat produced in the U.S. but sold in Japan would not be included while calculating the U.S. GDP
a. True b. False Indicate whether the statement is true or false
What is the opportunity cost of going from point E to point D?
