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Evaluate carefully each of the following statements. Decide if they are True, or False. You must explain clearly the reason(s) why the statement is true or false. You should provide a pre- cise justification, including the transmission mechanisms using words and graphs if needed. Your mark will depend on the quality of your response. 1. While monetary policy can be effective at increasing the level of output beyond its natural level in the short run, it becomes ineffective in doing so in the medium run. (5 points) 2. Consider an open economy with fixed prices. If the government spending and taxes in- crease by the same amount, this will not have any impact on net exports since the interest rate would not change. (5 points) 3. The aggregate supply relation suggests that an increase in output leads to an increase in the price level. (5 points)For the following reaction, list all organic produds. Be sure to include any rearrangement that might take place. Also be sure to show wedges and dash es where required and necessary. This question is only asking you to list products, it is not asking you to write out the mechanism. Be sure to answer the question completely, take a picture of your answer, and upload the answer to this question portal using the browse my computer button. 0 N02 H 50 HO 2. 4 Use your knowledge of cost functions to calculate the missed cost data in the accompanying table. Round your answers to two digits after the decimal. Marginal Fixed Variable Total Quantity Average fixed Average variable Average total cost cost cost cost cost cost cost 0 $45.00 2 $68.00 3 $85.00 4 $50.00 $380.00 What is the total cost when producing zero units? total cost: $ What is the marginal cost for the first unit?Question 1 Which of the following is true about a firm in a monopolistically competitive market? O It cannot earn a economic profit in either the short or long run. O It can earn an economic profit in the long run, but not the short run. O It can earn an economic profit in the short run and the long run. O It can earn an economic profit in the short run, but not the long run.Question 2 3.33 pts Which of the following statements is not correct? O Both monopolistic competition and oligopoly fall in between the more extreme market structures of competition and monopoly. O Monopolistic competition is different from oligopoly because each seller in monopolistic competition is small relative to the market, whereas each seller can affect the actions of other sellers in an oligopoly. O Monopolistic competition is different from monopoly because monopolistic competition is characterized by free entry, whereas monopoly is characterized by barriers to entry. O Both monopolistic competition and perfect competition are characterized by product differentiation