Please do not include the statement of the question in your answer. I only want to read your answer. When you are writing an answer, use complete sentences and punctuation. Label the answer for each question with the corresponding question number. When you are done with the tasks in that question. leave a space before starting the next question. When asked for examples, be sure to ones that are different from those in the text. 1. Explain what the savingsiinvestment spending identity is. 2. Explain the difference between a closed and an open economy. What is the savings-investment spending identity in a closed economy and what is it in an open economy? 3. Explain what the NCI is. 4. What are some of the reasons (at least two) listed in your text for low savings rates in the United States? 5. What is the loanable funds market? Who are the players in this market (on the supply side and the demand side)? 6. Explain what the equilibrium interest rate is in the market for loanable funds. 7. What are the things or events that will shift the demand for loanable funds? Give examples for shifting right and left. 8. What are the things or events that will shift the supply for loanable funds? Give examples for shifting right and left. 9. Explain what the MPC & the MPS are. (Don't just write what the letters stand for.) 10. Explain what the multiplier is. What is the formula? 11. Autonomous change in Spending a. Explain what an autonomous change in aggregate spending (AAAS) is. b. Explain what are the categories of spending that fall into the AAS? (The autonomous changes are spending that happens outside of the chain reaction in the economy.) c. What are some examples of AAS in the CARES Act? Congress passed an act (the C oronavirus Aid. Relief. and Economic Security (CARES) Act) that created some of these. You can google it for examples. 12. Explain in words what is the relationship between the change in real GDP (noted as AY in your text) and the AAAS