Please complete five of the following seven problems. Each problem is worth 20pts. Show your work to receive full credit! Only answer 5 out of the 7 questions. Your choice, just please; show all work.1. The following question deals with the role of banks in the monetary system. Suppose that a household makes a deposit of $2000 dollars in a bank. What do the balance sheets look like for the first three banks under a: a. Bank in a 100-percent reserve banking system.b. Bank in a fractional reserve banking system with a reserve ratio of 30%.2. What are the three functions of money? Which of the functions do the following items satisfy? Which do they not satisfy? Why? a. A credit card.b. A painting by Rembrandt.c. A subway token.3. Suppose that in the country of Sharpsville the monetary base is $666 billion, the reserve–deposit ratio (RR) is 0.1, and the currency–deposit ratio (cr) is 0.8. Find: a. The money multiplier.b. The money supply.c. Suppose that after a change in leadership the reserve-deposit is 0.2. Now calculate the new money multiplier and the new money supply.4. Using the US business cycle expansions and contractions list (available at: https://www.nber.org/cycles.html) answer the following questions:a. What year were you born? Was the United States in an expansion or depression that year? How long did the expansion/depression last? b. What year did you start your college education? Was the United States in an expansion or depression that year? How long did the expansion/depression last? 5. What impact do you believe COVID-19 is having on the aggregate supply – aggregate demand model? (100 words at least)6. For each of the following questions draw the initial state of the economy, the appropriate shifts, and its effects on the price level and real GDP.a. An economy in a recessionary gap goes to war.b. An economy in an inflationary gap increases tariffs.c. An economy at full employment increases business taxes.7. What do you think the economic impacts of COVID – 19 on Gainesville are? (100 words at least)
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