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Question 1. The Gold Standard was in place from 1880 to 1914 and from 1920 to the early 1930's. Answer the following questions using the model and the assumptions developed in class. For the next questions, you should assume that the world gold supply increases by four percent a. Suppose nominal interest rates are six percent for all countries on the gold standard Income for countries on the gold standard increases by three percent. What are real interest rates for countries on the gold standard. b. Suppose that inflation in the countries on the Gold Standard is two percent What is the change in real income for countries on the gold standard? c. Suppose that new countries join the gold standard increasing the real income of all countries on the gold standard increases by thirty percent. What is inflation? d. Suppose that countries leave the gold standard reducing the income of countries on the gold standard by twenty percent. What is inflation