1. (12 points) Fill in the following table regarding the Colombian economy. If the factors in the first column change as indicated, in which direction will the variables in the remaining columns change (i.e., rise (+), fall (-), stay the same (0))? Consider only the immediate and direct effects of these changes. (No need to give explanations here)

Impact	Monetary Base	M2 Money Supply	Budget Deficit
Colombian government increases taxes.
Colombian commercial banks lend to local firms.
Colombian central bank sells foreign currencies in the foreign exchange market to increase the value of the Peso.
Colombian individual investors buy government Treasury bonds in the secondary (open) market.