Business Economics End-of-Term Assessment Spring 2022 Section B - Essay Questions (30 marks) Answer ALL questions Answer each question in less than 250 words. Answers exceeding the word limits will not be graded. You are expected to use your own words in your answers. Do not directly copy from notes, books or websites etc. 7. (15 marks) You are given with some economic data of Economy A in 2021. Answer this question using the economic data given. Economic data Economy A Nominal GDP growth rate 800% Real GDP growth rate 1% Identify the major short term economic problem facing Economy A. Provide evidence from the table to support your answer. (3 marks) b. If you were a general manager of a firm, discuss how the economic problem in part a) affects the daily decision making of the firm. (6 marks) C. If the government can't use the monetary policy to control the problem. Discuss the alternative ways to control the problem. (6 marks)