QUESTION 4 i. Consider an economy as explained in Chapter 10, in which people wish to hold bank checking deposits worth a total of 10 million goods and currency worth 4 million goods in every period. In addition, there is a stock of unintermediated capital worth 20 million goods. Fiat money is the only asset used as currency. Deposits at banks are subject to a reserve requirement of 10 percent. After meeting the reserve requirement, banks invest the remainder of all deposits into capital. The monetary base is $2 million. SHOW YOUR STEPS FOR ALL ANSWERS TO AVOID GRADE PENALTY. a. Find the value (in goods) of a dollar. (1 marks). b. Find the total nominal money stock as measured by the definition of M1. (1 marks)