Which of the following are potential effects of implementing contractionary monetary policy? Select all that apply.

Contractionary monetary policy is a way for a country's central bank to reduce the amount of money in circulation. This is often done by raising interest rates, making it more expensive to borrow money. When interest rates go up, people and businesses may spend less because loans cost more, which can slow down economic growth. For example, if a family decides to delay buying a new car because the loan interest is too high, this leads to lower spending in the economy. Overall, the potential effects include reduced inflation, slower economic growth, and higher unemployment rates as businesses adjust to lower demand.