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Question (12 marks) Suppose a closed economy is described by the following table. Year Potential Real Price GDP GDP Level 1 $1800 $1800 100 billion billion 2 $1950 $1980 107 billion billion a. What problem Will occur in the economy in Year 2 if no policy is pursued? (2 marks) b. Describe the fiscal policy tools that could be used to combat the problem. Carefully explain all steps in the link between policy and outcomes. What impact will this policy have on the various components of the aggregate expenditures? What will happen to the real GDP and Price level as a result of these policies? (4 marks) c. Describe the monetary policy tools that could be used to combat the problem. Carefully explain all steps in the link between policy and outcomes. What impact will this policy have on the various components of the aggregate expenditures? What will happen to the real GDP and Price level as a result of these policies? (4 marks) d. Will your answers to (b) and (c) change if this was an open economy. In what way? (2 marks)