1. Useappropriate graph(s) to explain the effect of each of the following events, if any, on the position of the short- and long-run aggregate supply curves and the aggregate demand curve for a small open economy. (Total marks = 20)
2. The country experiences a brain drain as its skilled people migrate to other countries for better wages. (5 marks)
3. The country acquires new technology that improves productivity. (5 marks)
4. There is an increase in the income of the country's major trading partners. (5 marks)
5. Firms in the country expect future profits to increase. (5 marks)