Final answer:
A shift in U.S. consumers' income expectations could potentially shift the aggregate demand curve to the right, leading to a higher equilibrium output and price level. The impact on long-run aggregate supply or short-run aggregate supply would depend on current economic conditions, such as the level of unemployment and resource utilization within the economy.
Step-by-step explanation:
When U.S. consumers expect greater income, there could potentially be a shift in the aggregate demand (AD) curve rather than the long-run aggregate supply (LRAS) or the short-run aggregate supply (SRAS) curves. This expectation can lead to increased consumer spending, which would shift the AD curve to the right.
This shift indicates a higher equilibrium output at a higher price level in the short term, holding all else equal. In the long run, if the economy is operating below potential GDP, this increase in AD could bring the economy closer to full employment without causing inflation. However, if the economy is at or near full employment, the AD increase could lead to inflationary pressures.
Regarding part 'e' of the question, using aggregate demand to alter the level of output depends on the current economic conditions. If there is slack in the economy (unemployment and underutilized resources), then increasing AD can help achieve full employment. However, if the economy is near its potential output, trying to further increase AD might only cause inflation without a significant increase in output.