Question: 3. I a) Define money. What are the three functions of money? (10 marks) b) Briefly explain the consumer price index? If the CPI is

3. I a) Define money. What are the three functions of money? (10 marks) b) Briefly explain the consumer price index? If the CPI is 93 in 2019 and 97 in 2020, calculate the rate of inflation from 2019 to 2020 (10 marks) Question 7 (a) Explain how a budget deficit makes future generations worse off. Explain how reducing the budget deficit might make future generations better off. (10 marks) (b) Explain why monetary and fiscal policy work with a lag. Why do these lags matter in the choice between active and passive policy? (10 marks)

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