An increase in aggregate demand can be caused by
A. an increase in government expenditures
B. an increase in nominal money supply
C. a decrease in taxes
D. an increase in business and consumer confidence
E. all of the above
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To maintain a fixed level of aggregate demand, a central bank would have to respond to a tax increase by
A. increasing reserve requirements for banks
B. restricting money supply
C. buying bonds in the open market
D. selling bonds in the open market
E. both A) and B)
In a normal AD-AS diagram with an upward-sloping AS-curve, if the government wanted to maintain a fixed level of output, it would need to respond to a decrease in money supply by
A. decreasing government expenditures
B. increasing government spending
C. urging the Fed to sell bonds in the open market
D. increasing income taxes
E. decreasing taxes and government spending by the same amount
In an AD-AS diagram with an upward-sloping AS-curve, if a tax decrease is combined with money expansion,
A. output will remain relatively unaffected but interest rates will decrease
B. output will remain relatively unaffected but interest rates will definitely increase
C. aggregate demand, the price level, and output will all decrease
D. aggregate demand, the price level, and output will all increase
E. the price level will increase but we can't say what will happen to output or interest rates
If government purchases and taxes are both increased by the same lump sum, we can expect the following in the medium run:
A. output, prices, and interest rates will all remain unchanged
B. output, prices, and interest rates will all decrease
C. output, prices, and interest rates will all increase
D. output and prices will remain the same but interest rates will increase
E. output and prices will increase but interest rates will remain the same
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