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Question 3 [Marks: 25! (1.3.1 The monetary transmission mechanism can be depicted in the form of a graph [1D] or using symbols. Explain, with the aid of symbols, the monetary transmission mechanism when interest rates increase [Note: Prices and wages are variable} (1.3.2 Explain, using the AllAS model, how the South African Government can use [15] fiscal policy as a tool to recover from the negative effects of this CUVIDl pandemic. lI"our answer must include the following: i The description of the type of fiscal policy required; {4} C An explanation of how the implementation of this tool will work their way through the economy to achieve the desired effect; {5} i The ADAS graph showing the implications of your recommendations. [5] Marks will be awarded for your ability to integrate theory with the scenario provided. Suppose the World Bank assigns you to be a chief economic advisor to the president of a developing country. The president wants to boost the economic growth rate of his country. What policy recommendations would you suggest to the president to achieve the desired higher economic growth in the country? (Hint: mention at least 5 recommendations) (10 percent).1. Markets and competition Identical products, as well as a large number of buyers and sellers, are characteristics of a V market. In such markets, sellers of goods influence the prevailing market price, giving them the role of market. monopolistic True or False: The market for public utilities, such as gas and electricity, does not exhibit th perfectly competitive ristics that define perfectly competitive markets. O True O FalseApplication 2: The Kidney Market Today, people want to buy computers, houses, and cars. Just the same, there are people who want to buy kidneys. These people have kidney failure and will die without a new kidney or endure years of costly and painful dialysis. Let's assume the demand and supply for the kidney market is as follows: Price of Kidney ($) Supply of Kidneys P1 P2 - Demand for Kidneys $0 1,500 2,000 2,500 Quantity of Kidneys per Month 6) Today, there is no free market for kidneys- it is illegal to buy or sell kidneys. Thus, at the price of $0, this represents the number of people (1,500) willing to donate their kidney(s) upon death or while living per month. Since it is illegal to buy or sell kidneys, does this price of $0 create a surplus of kidneys, a shortage of kidneys, or neither? Why and by how much? 7) If there was a free market for kidneys, what would be the price ($0, P2, or P1) and what would be the quantity bought or sold (1,500, 2,000, or 2,500) per month? Why? 8) Would allowing the free market prevail cause more or less people to die from kidney failure per month? Why and by how much? 9) Should it be illegal to buy/sell kidneys? Why or why not