Pls answer all 3

Questions to be answered are in "bold" font. 1) After reading chapter 16 you will find out if there is an inflationary gap in the short run, then in the long run a new equilibrium arises when input prices and expectations adjust upward, causing the short- run aggregate supply curve to shift upward and to the left and pushing equilibrium real GDP per year back to its long-run value. In this chapter, however, you learned that the Federal Reserve can eliminate an inflationary gap in the short run by undertaking a policy action that reduces aggregate demand. a. Propose one monetary policy action that could eliminate an inflationary gap in the short run. b. In what way might society gain if the Fed implements the policy you have proposed instead of simply permitting long-run adjustments to take place? 2) Suppose that to finance its credit policy, the Fed pays an annual interest rate of 0.5 percent on bank reserves. During the course of the current year, banks hold $1 trillion in reserves. What is the total amount of interest the Fed pays banks during the year? 3) In 2007 and 2008, the Fed cut the federal funds rate as the economy began to experience conditions that appeared to be leading to recession. In the second quarter of 2008, when many believed that the economy had gone into a recession, growth figures for real GDP were a positive 3 percent. Could the net export effect explain this unexpected result