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a. Can fiscal policy by itself produce inflation? Justify your answer.[5 marks] b. What role does monetary policy play in cost-push inflation?[5 marks] c. Discuss

a. Can fiscal policy by itself produce inflation? Justify your answer.[5 marks]

b. What role does monetary policy play in cost-push inflation?[5 marks]

c. Discuss the three common properties of 'preference relations' and how they impact a person's choice with relevant examples.

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