Hi, I need help with this please.

Question 1 [5 points] For all the questions below select the appropriate answer: a) The speed of an economy's built-in adjustment to persistent output gaps depends on: the absence of a central bank and monetary policy interference public concern about the government sector's budget balance. the degree of wage and price flexibility in labour and product markets. commitments by labour and management to fixed long term wage and price contracts. b) In terms of the production function Y = A x F(L, K) where A is the state of technology, L the level of employment and K the stock of capital, the level of potential output and the long run aggregate supply curve, LAS, is defined by: O a fixed state of technology with different capital stocks and unemployment rates. O a fixed stock of capital and a given state of technology and the current unemployment rate. a fixed stock of capital, a given state of technology and unemployment at the natural rate. O a fixed unemployment rate, a fixed stock of capital and a given state of technology. c) Suppose an economy in AD/AS equilibrium at potential output Yp experiences an improvement in technology that raises the productivity of capital and labour. In the absence of monetary policy response, the increase in potential output would lead to: O an inflationary gap in the short run with a rise in inflation and output in the long run. a recessionary gap in the short run with a fall in inflation and a rise in output in the long run. O an inflationary gap in the short run, but no change long run output or inflation. O a recessionary gap in the short run with a fall in output and inflation in the long run. d) A short run AS curve giving the relationship between the inflation rate and the level of real output: is horizontal because producers are willing to produce whatever level of output is demanded as long as prices are rising at a constant rate. is upward sloping because higher levels of output in the short run require more capital stock to increase production capacity. is downward sloping because lower inflation rates provide incentives to sell more output to maintain revenue growth. is upward sloping because when inflation rates are higher than rates of increase in wages, prices rise relative to costs and higher output is profitable. e) An upward (or leftward) shift in a short run aggregate supply curve giving the relationship between inflation rates and output would be caused by: an increase in the productivity of labour O a fall in the rate at which money wage rates are increasing. O a cut in the rate of indirect taxation like the GST or a harmonized sales tax (HST). O rise in the rate at which money wage rates are increasing