1. Economic Policy: The following rules illustrate traditional economic policy theory in terms of regulating a government's economy. a) If the annual growth rate is less than 1%: If inflation is less than 3%, recommended economic policy is: Increase welfare spending, reduce personal taxes, and decrease discount rate. • Otherwise, recommended economic policy is: Reduce business taxes. b) If the annual growth rate is greater than 4%: If inflation is less than 1%, recommended economic policy is: Increase personal and business taxes, and decrease discount rate. If inflation is greater than 3%, recommended economic policy is: Increase discount rate. Write a program that applies these economic policy practices. More specifically, read in growthRate and inflation values and output the recommended economic policy for the given economic situation. If there is no recommended economic policy for the given economic situation, then output "No change in economic policy."

1. Economic Policy: The following rules illustrate traditional economic policy theory in terms of regulating a government's economy. a) If the annual growth rate is less than 1%: If inflation is less than 3%, recommended economic policy is: Increase welfare spending, reduce personal taxes, and decrease discount rate. • Otherwise, recommended economic policy is: Reduce business taxes. b) If the annual growth rate is greater than 4%: If inflation is less than 1%, recommended economic policy is: Increase personal and business taxes, and decrease discount rate. If inflation is greater than 3%, recommended economic policy is: Increase discount rate. Write a program that applies these economic policy practices. More specifically, read in growthRate and inflation values and output the recommended economic policy for the given economic situation. If there is no recommended economic policy for the given economic situation, then output "No change in economic policy."

Operations Research : Applications and Algorithms

4th Edition

ISBN:9780534380588

Author:Wayne L. Winston

Publisher:Wayne L. Winston

Chapter17: Markov Chains

Section: Chapter Questions

Problem 3RP

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