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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If an economic agent's returns to entrepreneurship is likely to be lower than his opportunity cost of entrepreneurship:
A) he will choose to be an entrepreneur. B) he will always make profits if he chooses to be an entrepreneur. C) he will always make losses if he chooses to be an entrepreneur. D) he will not choose to be an entrepreneur.
A change in a third variable not on either axis of a graph is illustrated with a:
a. horizontal or vertical line. b. movement along a curve. c. shift of a curve. d. point of intersection.