a). According to the classical dichotomy, when the money supply doubles which of the following will double, please explain your answers? i. Price level ii. Real GDP iii. Nominal GDP b). The money supply in Freegonia this year is $150 billion. Nominal GDP is $750 billion and real GDP is $250 billion. Assuming that velocity of money is stable, real GDP grows by 2% this year, and the money supply does not change. What are the velocity, price level, and ination rate this year? c). If there is an excess demand for money, what will happen to the equilibrium value of money and the equilibrium price level? If the central bank wants to keep price level constant, should monetary policymakers increase reserve requirement or decrease reserve requirement? Use a graph of the money market to show your