45) Suppose the economy is at full employment and a booming stock market encourages consumption spending to rise dramatically. What would be the MOST likely long-run impact?

Real GDP first rises and then falls back to long-run equilibrium.

The price level would fall, and real GDP would rise.

The price level would not change, but a recession would occur.

The price level will fall, and real GDP would fall.

46) Which of these would NOT cause a shift in the aggregate demand curve?

change in investment

change in net exports

change in the price level

change in consumption spending

47) The aggregate demand curve is positively sloped.

False

True

49) One reason the price level did not rise after the 2008-2009 stimulus policy actions is that it may not have shifted aggregate demand to the right.

False

True

51) Disposable income is equal to

X-M.

Y+T.

Y-T.

T-Y.