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4. An expansionary fiscal policy shifts the IS curve to the (4 Points) Oright increasing real output and decreasing interest rates O left decreasing both real output and interest rates right increasing both interest rates and real output left reducing real output and increasing interest rates 5. Find the currency ratio the excess reserves ratio and the money multiplier when the required reserves ratio is 8%. The currency in circulation is 150 min. euros, the deposits are 400 min. euros and the excess reserves are 10 min. euros (8 Points) Enter your answer 8. Discount policy can affect the money supply by changing the volume of and the (4 Points) excess reserves: money multiplier borrowed reserves money multiplier excess reserves monetary base borrowed reserves: monetary base 9. Present the main features of the Bulgarian currency board using its balance sheet Dist ss in short their potential impact on market discipline. (8 Points) Entatouanne 16. Find the yield on a discount basis of a government bond that matures in 3 months, if its face value is BGN 10 000 and its current price is 9900? Find its real yield if the expected inflation over the next three months is 1.5%. KS (6 Points) Enter your answer 17. Present in short the main pillars of the Banking Union (8 Points) Enter you an 22. A commercial bank accepts a deposit of 3000 euros and extends a loan for 1500 euros. If the required reserves ratio is 10%, find the change in the excess reserves available at the bank. (Hint: use the T-accounts) * (6 Points) Enter your answer 23. Calculate the rate of return on a 5% coupon bond with a face value of EUR 10 000 that can be bought at EUR 9920 and is expected to be sold in one year at EUR 9980 (4 points) Enter your

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