Question: 1.Using the appropriate graph, briefly and concisely explain the inflationary effects of an escalated cost of raw materials globally, triggered by an external shock such

1.Using the appropriate graph, briefly and concisely explain the inflationary effects of an escalated cost of raw materials globally, triggered by an external shock such as a global pandemic.

2. Suggest an appropriate monetary policy tool that can be employed to address this problem in the short run.

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