Which of the following changes best represents the effect of the oil embargo (a shut-off of oil from certain OPEC countries) of the 1970s on the U.S.?
a. A leftward shift of the long-run aggregate supply curve
b. A rightward shift of the long-run aggregate supply curve
c. A leftward shift of the aggregate demand curve
d. A rightward shift of the aggregate demand curve
e. A rightward movement along a given aggregate demand curve
a
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When all firms choose their best strategy given the strategies that all the other firms have chosen, the result is a Nash equilibrium
a. True b. False Indicate whether the statement is true or false
The U.S. dollar exchange rate, e, expressed as Japanese yen per U.S. dollar, will depreciate when:
A. the U.S. Federal Reserve tightens monetary policy. B. U.S. consumers decrease their preference for Japanese cars. C. real GDP in Japan increases. D. real GDP in the U.S. increases.