-Refer to Exhibit 10-2

question 27

Multiple Choice

-Refer to Exhibit 10-2.If autonomous consumption increases,the TE curve will shift ____________ and the new level of equilibrium Real GDP will be ___________ than $4,500.

• A) downward; greater
• B) downward; less
• C) upward; less
• D) upward; greater

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Definitions:

Checks Presented

Refers to the cheques that have been submitted for payment by the payee to the bank but have not yet been cleared.

Checks Written

The act of creating checks as payments for expenses, purchases, or obligations by a business or individual.

Bank Reconciliation

The process of matching and comparing figures from banking statements with those in a company’s financial records to ensure accuracy.

Outstanding Checks

Outstanding checks refer to checks that have been written and recorded in the issuing entity's financial records but have not yet been cashed or cleared by the bank.