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Part III. Essay (10 Marks) Direction: Answer the following questions in a paragraph-based format. Only half marks will be awarded for bullet point-based answer. 1)

Part III. Essay (10 Marks)

Direction: Answer the following questions in a paragraph-based format. Only half marks will be awarded for bullet point-based answer.

1) Using a Keynesian cross diagram, illustrate the impact of an expansionary monetary policy on the aggregate expenditure and output. (10 marks)

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