1. Which of the following help to explain why the aggregate demand curve slopes downward? LO32.1

a. When the domestic price level rises, our goods and services become more expensive to foreigners.

b. When government spending rises, the price level falls.

c. There is an inverse relationship between consumer expectations and personal taxes.

d. When the price level rises, the real value of financial assets

(like stocks, bonds, and savings account balances) declines.