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1. The stock market has been very strong over the last year, and
housing prices are starting to recover. This would suggest that: A.
Consumers feel poorer and the aggregate demand curve is shifting to
the left. B. Consumers feel richer and the aggregate demand curve
is shifting to the right. C. Consumers feel poorer and the
aggregate demand curve is shifting to the right. D. Consumers feel
richer and the aggregate demand curve is shifting to the left.

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2. Given the shift in the aggregate demand curve in the previous
question, we might expect the price level to: A. Begin to rise B.
Begin to fall C. Remain constant. D. No way to tell because there
is no connection beween the aggregate demand curve and the price
level.

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3. Given the anticipated change in the price level referenced in
the previous question, we would expect nominal interest rates to
go: A. Up B. Down C. Remain constant D. There is no economic model
that would suggest the direction of interest rates.

4. Given the change in the level of economic activity referenced
in the previous questions, we would expect the unemployment rate
to: A. Go up B. Go down C. Remain the same D. There is no economic
model that would suggest the direction of the unemployment
rate.

5. In general, the economic circumstances described in the
previous three questions would be known as: A. A recession B.
Stagflation C. An expansion D. A contraction