2 The following events occur that influence the economy of Coolland: i A strong expansion in the world economy. ii Businesses expect huge profits in the near future. iii The Coolland government cuts its expenditures on goods and services. a Explain the separate effects of each of these events on real GDP and the price level in Coolland, starting from a position of long-run equilibrium. b Explain the combined effects of these events on real GDP and the price level in Coolland, starting from a position of long-run equilibrium. c Explain why the Coolland government or central bank might want to take action to influence the Coolland economy.