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Please provide steps for each answer b. Calculate the change in nominal GDP for an economy where the money supply increases by 7% and the

Please provide steps for each answer

b. Calculate the change in nominal GDP for an economy where the money supply increases by 7% and the velocity of money falls by 2%. [4 marks] c. Assume that the economy has sticky prices, use the model of macroeconomic equilibrium to explain and illustrate on a clearly labelled diagram the impact on the economy when there are noted supply chain disruptions due to shut down measures in response to the pandemic and the government intervenes to restore disequilibrium. [7 marks] END OF QUESTION PAPER

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