Which one of the following statements isincorrect?

A.As the level of income in the economy increases, the amount of money demanded for transaction purposes also increases.

B.As the interest rate increases, the amount of money demanded for speculative purposes also increases.

C.The demand for money for speculative purposes is also called the demand for passive balances.

D.The demand for active balances is positively related to the level of income in the economy.