03 Jun Question (TCO 5) An increase in expected future income will (Po
Question
(TCO 5) An increase in expected future income will (Points : 4)
increase aggregate demand and aggregate supply.
decrease aggregate demand and aggregate supply.
increase aggregate supply.
increase aggregate demand.
Question 2.2. (TCO 5) The upward slope of the short-run aggregate supply curve is based on the assumption that (Points : 4)
wages and other resource prices do not respond to price level changes.
wages and other resource prices do respond to price level changes.
prices of output do not respond to price level changes.
prices of inputs are flexible while prices of outputs are fixed.
Question 3.3. (TCO 5) If the price of crude oil decreases, then this event would most likely (Points : 4)
decrease aggregate supply in the U.S.
increase aggregate supply in the U.S.
increase aggregate demand in the U.S.
decrease aggregate demand in the U.S.
Question 4.4. (TCO 5) Deflation refers to a situation where (Points : 4)
price level falls.
price level rises.
the rate of inflation falls.
the rate of inflation rises.
Question 5.5. (TCO 6) Dissaving occurs when (Points : 4)
income is greater than saving.
income is less than consumption.
saving is greater than consumption.
saving is greater than the interest rate.
Question 6.6. (TCO 7) The M1 money supply is composed of (Points : 4)
all coins and paper money held by the general public and the banks.
bank deposits of households and business firms.
bank deposits and mutual funds.
checkable deposits and currency in circulation.
Question 7.7. (TCO 7) The basic requirement of money is that it be (Points : 4)
backed by precious metals–gold or silver.
authorized as legal tender by the central government.
generally accepted as a medium of exchange.
some form of debt or credit.
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