A stronger U.S. dollar leads to ________ in SRAS and ________ in AD simultaneously
A) a leftward shift; a leftward shift B) a rightward shift; a leftward shift
C) a rightward shift; a rightward shift D) a leftward shift; a rightward shift
B
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The application of rational expectations to the permanent-income hypothesis implies that information contained in
A) only past income levels will determine permanent income. B) only past income levels will determine transitory income. C) only new changes in income that are unanticipated can change permanent income. D) only new changes in income that are anticipated can change permanent income.
A waitress brings a free glass of wine when you sit down in a restaurant. This glass of wine is
A) a service because the waitress carried it instead of making it. B) a good, but not an economic good because there is no price charged for the wine. C) a nongood because there is no price charged for the wine. D) an economic good because wine is produced with scarce resources, even if it is free to you.