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- The Focus box “Can a Budget Deficit Reduction Lead to an Output Expansion? Ireland in the 1980s” provides an example of fiscal consolidation. Ireland had a large budget deficit in 1981 and 1982. What does a deficit reduction imply for the medium run and the long run? What are the advantages of reducing the deficit?44) A key supply-side policy is to make sure that workers are well trained. Which of the following is true? A) UK labour turnover is less than that of comparable countries. B) The UK spends a smaller percentage of its GDP on training than comparable countries. C) UK workers are better educated than US workers. D) UK workers are better trained than German workersAn increase in the budget deficit is the result of: A) Expansionary monetary policy; B) Contractionary monetary policy; C) Expansionary fiscal policy; D) Contractionary fiscal policy. Company tax is a: (a) Progressive, direct tax; (b) Progressive, indirect tax; (c) Proportional direct tax; (d) Regressive indirect tax. In the base year, a country produced 50 units of output at a price of R6,00 each for a nominal GDP of R300. This year it produces 60 units of output at a price of R8,00 each. What is the percentage change in real GDP since the base year? (a) 5%; (b) 10%; (c) 20%; (d) 15%.
- If an economy has current account and budget deficits, the government should tighten fiscal policy. State whether this statement is True, False or Uncertain. Explain why using the Balance of Trade or Balance of Payments curve and use the accounting framework. What does current account refer to here exactly? What does a budget deficit mean in technical terms. Give equations for both. Also draw a diagram to illustrate necessary fiscal policy implications.36) An automatic fiscal stabiliser is A) a monetary or fiscal policy that aims to smooth out the business cycle. B) the tendency for inflation to fall as unemployment rises. C) a tax or form of government expenditure that has the effect of reducing the size of the multiplier. D) the tendency for exchange rates to adjust automatically to changes in the demand and supply of foreign currencyQuestion 2 You are appointed as Finance Minister of your country and your country is facing slowdown due to Covid-19 pandemic. Applying IS and LM framework, explain the fiscal and monetary policies you would suggest to recover your country from slowdown?
- Macroeconomic: 1. With a fixed exchange rate and high capital mobility, is it appropriate to use the fiscal lever to boost economic activity in order to achieve full employment? (explain your answer, you could use the ISLM BP model)What will be the effect of “contractionary fiscal policy of abroad” on net export, saving and interest rate? Show your answer with the help of graph and also properly explainIn the New Keynesian sticky price open economy model with a flexible exchange rate: a. Explain why fiscal policy is an ineffective stabilization tool. b. Suppose that there is a reduction in current total factor productivity. What should the central bank do in response?
- Please answer all question, it's really matter. ( not very long, just short understandable answers) 1. Does the US currently rely more on fiscal policy or monetary policy to stabilize the economy? 2. Does fiscal policy have an expansionary bias? explain 3. Does fiscal policy have an expansionary bias?The recent Trump tax cuts are projected to increase the national debt by $24.5 trillion over the next 20 years. This will be financed through future taxes. Americans' future standard of living will increase if Question 14 options: the current account goes into surplus the government increases expenditures net exports rise substantially the tax cuts produce a large increase in current and future GDPThe Government of Bangladesh opted for expansionary fiscal policy to fight economic depression. Identify the type of inflation it is expected to create and its impact on the wages. Illustrate the process on the graph. Assume the Pakistan’s economy is in recession: Pakistan implements a combination of expansionary fiscal and monetary policy. In the absence of complete crowding out what will be the effect of these policies on each of the following:(i) Aggregate demand in Pakistan(ii) The price level in Pakistan(iii) Interest rates in Pakistan