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In this assignment, students will use the FRED Economic Data software provided by the Federal Reserve Bank of St. Louis (https://fred.stlouisfed.org/) to deepen their understanding of long-run growth of the macroeconomy covered in Module 3 of Principles of Macroeconomics (ECON 202). This assignment focuses on the following chapters in Principles of Macroeconomics by N. Gregory Mankiw (9e, Cengage 2021): . Long-run growth in GDP per capita (standard of living) and productivity (Ch 12) . Long-run growth in money and its consequences for inflation (Ch 17) Importance of free trade: net exports, net capital outflows, and exchange rates (Ch 18) The assignment teaches students how to construct the macroeconomic variables presented in Module 3 using U.S. time-series data and portray them in graphical format. Students will then be able to observe the magnitudes and patterns of key macroeconomics variables over long periods and describe their behavior as a first step toward discovering how long-run growth occurs. Submitting this assignment To complete the assignment, students should follow these steps: . Construct the graphs described below in FRED and download them to your computer. Choose the "Image (graph)" option, which will be a file in a .png format. . Insert the graphs directly into this eCampus assignment in the appropriate section and answer the questions that follow (short answers). . Submit all answers and graphics into the eCampus assignment directly by the due date given in eCampus (or the syllabus). FRED Data Required To complete this assignment, students will need the following variables from FRED: FRED Variable Concept Mnemonic Description (units) Nominal GDP (P x Y) GDP Gross Domestic Product ($billions) Real Potential GDP (YPOT) GDPPOT Real Potential Gross Domestic Product (2012 $billions) Core CPI (P) CPILFESL Consumer price index for all urban consumers less food and energy (1982-1984 = 100) M1 M1SL M1 Money Stock (Sbillions) M2 M2SL M2 Money Stock (Sbillions) Graphs to Create Create the following graphs in FRED, download them and insert the .png files into the respective portion of this assignment:QUESTION 1 Is money (M) the main determinant of the price level (P) in the long run for the United States? Use the M2 (M2SL) and core CPI (CPILFESL) variables from the data table above to construct a graph from January 1959 to the present using LINE 1 and LINE 2. Put both lines on separate axis by entering the "Format" tab. Under "Y-Axis position", select "right" for the M2 line, and "left" for the CPI line. Enter the "Format" tab and check both boxes for "Log scale". This converts both variables to logs. NOTE: This graph is analogous to those in Figure 4 of Chapter 17 in the textbook comparing the levels of money and price in four countries with hyperinflation, except this figure is for the United States which had relatively low inflation (maximum of about 12 percent in the 1970s). Attach File Browse Local Files QUESTION 2 In the United States, M2 and core CPI have grown about the same (increased by similar proportions) over the very long run from 1959-2021. O True O False QUESTION 3 Which statement best describes the relationship between U.S. M2 and core CPI during shorter periods of time between 1959-2021. O M2 grew much slower than core CPI until the very end of the period when M2 suddenly caught up O M2 grew much faster than core CPI until the very end of the period when CPI suddenly caught up O M2 and core CPI grew at just about the same rate throughout the full long-run period O Sometimes M2 grew faster than core CPI during shorter periods, and other time M2 grew slower than core CPIQUESTION 4 In the United States, the growth of core CPI from 1959-2021 has varied much less than the growth rate of M2. (Ignore the change in M2 definition in 2020 when answering this question.) O True O False QUESTION 5 Judging from the U.S. experience with money growth and relatively low inflation (no hyperinflation) before the COVID-19 Pandemic in 2020, what is a reasonable definition of the "long run" in number of years? O About 1-2 years O About 20-25 years O At least 50 or more years O None of the above QUESTION 6 Is the velocity of money (V) stable in the United States? Use the M1 (M1SL), M2 (M2SL) and nominal GDP (GDP) variables from the data table above. Using LINE 1 and LINE 2, construct M1 velocity (M1SL / GDP) and M2 velocity (M2SL / GDP) from 1959:Q1 to the present, where velocity is represented as V = P*Y/M = Nominal GDP/money. Put M1 velocity on the "Left" Y-axis and M2 velocity on the "Right" Y-axis under the "Format" tab. NOTE: M1 and M2 are monthly and nominal GDP is quarterly. FRED should convert the money variables to quarterly when you construct the velocity variables, but you can convert them from monthly to quarterly in FRED by editing the line and modifying the frequency yourself if necessary. Attach File Browse Local FilesQUESTION 7 From 1959-2019, the velocity of M1 was about 3-4 times lower than the velocity of M2. O True O False QUESTION 8 Which of the following statements best describes the difference between the velocity of money before 1980 and after 1980 (description applies equally to both M1 and M2)? O Velocity was less variable before 1980 (staying about the same or growing smoothly) O Velocity was more variable before 1980 (fluctuating up and down a lot) O Velocity varied about the same before and after 1980 O None of the above QUESTION 9 What happened to velocity (both M1 and M2) after the Financial Crisis of 2007-2009 that had never happened before? O Velocity stayed about the same O Velocity declined steadily and dropped precipitously during the COVID-19 Pandemic O Velocity fluctuated up and down a lot more O Velocity increased dramaticallyQUESTION 10 Is real potential GDP (YPOT) stable in the United States? Use the real potential GDP (GDPPOT) variable from the data table above to construct a graph from 1950:Q1 to 2031:Q4 using LINE 1. Convert real potential GDP to its growth rate by changing the "Units" to "Percent Change from Year Ago" NOTE: Real potential GDP data after 2022 are forecasted by the Congressional Budget Office (CBO), which constructs these data. Attach File Browse Local Files QUESTION 11 Which statement best describes the value of potential real GDP growth from the 1950s to today? O Potential real GDP tended to decline, fluctuating between 1 and 5 percent per year O Potential real GDP was steady at around 3 percent per year O Potential real GDP increased steadily from about 0 to 10 percent per year O None of the above QUESTION 12 What is most likely the best explanation for what happened to potential real GDP after 2000? O The U.S. government strengthened and improved property rights and the legal system O Nothing. Potential real GDP was about the same after 2000 as before International trade (exports and imports) declined precipitously around the world O Determinants of productivity (technology A and factors of production like K/L) grew more slowlyQUESTION 13 The Congressional Budget Office (CBO) is optimistic that U.S. potential real GDP will increase significantly in the future. O True O False