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5.Monetary policy: An economy is facing an inflationary gap, see graph below. How should the Central Bank react using each of the 3 monetary policy tools to eliminate the inflationary gap? (9 points) LRAS SRAS Price Level AD O ON Of Real GDP a) Open Market operations: b) Discount rate: c) Required Reserve Ratio: d) A successful contractionary monetary policy will: Answer questions a - d. (This is not a multiple-choice question, answer each question): (2 points each) a. Increase/decreases the interest rate. b. Increase/decreases consumer spending. c. Increase/decreases real GDP. d. Increase/decreases the aggregate price