Which of the following issues prominent in the presidential election of 2012 shifts the aggregate demand curve rightward?
A) raising taxes on the rich
B) increasing Medicare, Medicaid, and Social Security payments
C) loosening immigration policies
D) allowing more oil drilling on Federal lands
48) A change in ________ creates a movement along the aggregate demand curve, while a change in ________ shifts the aggregate demand curve.
A) expected profits; tax rates
B) the price level; government expenditures
C) foreign income; the foreign exchange rate
D) real wealth; human capital
49) Which of the following shifts the aggregate demand curve rightward?
A) a decrease in consumption
B) an increase in investment
C) a decrease in net exports
D) a decrease in government expenditure on goods and services
50) Suppose consumers decrease their consumption expenditure because they worry about what their income will be in the future. There is
A) a rightward shift of the aggregate demand curve.
B) an upward movement along the aggregate demand curve.
C) a downward movement along the aggregate demand curve.
D) a leftward shift of the aggregate demand curve.
51) If the expected future inflation rate decreases, then
A) aggregate demand increases.
B) short-run aggregate supply increases.
C) aggregate demand decreases.
D) long-run aggregate supply decreases.
52) If higher inflation is expected in the future, then the
A) SAS curve shifts rightward.
B) AD curve shifts rightward.
C) LAS curve shifts rightward.
D) None of the above answers is correct.
53) People expect their incomes will decrease next year. As a result, the ________ will shift ________.
A) short-run aggregate supply curve; rightward
B) aggregate demand curve; rightward
C) aggregate demand curve; leftward
D) long-run aggregate supply curve; rightward
54) People expect that the El Nino effect will cause drought in Australia in coming years. If most Australian firms expect their profits will fall during the next five years, Australia's ________ this year.
A) aggregate demand will increase
B) long-run aggregate supply will increase
C) aggregate demand will decrease
D) short-run aggregate supply will increase
55) Which of the following statements is FALSE?
A) Fiscal policy is the attempt to influence the economy using taxes, transfer payments, and government expenditures.
B) Government expenditure affects aggregate demand directly because government expenditure is a component of aggregate demand.
C) Taxes and transfer payments affect aggregate demand by changing disposable income.
D) An increase in disposable income leads to a decrease in aggregate demand.
56) A decrease in government transfer payments
A) increases aggregate demand.
B) increases the aggregate quantity demanded.
C) decreases the aggregate quantity demanded.
D) decreases aggregate demand.
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