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- Under what general macroeconomic circumstances might a government use expansionary fiscal policy? When might it use contractionary fiscal policy?Why is spending by the U.S. government on scientific research at NASA fiscal policy while spending by the University of Illinois is not fiscal policy? Why is a cut in the payroll tax fiscal policy whereas a cut in a state income tax is not fiscal policy?Explain how automatic stabilizers work, both on the taxation side and on the spending side, first in a situation where the economy is producing less than potential GDP and then in a situation where the economy Is producing more than potential GDP.
- What is the main advantage of automatic stabilizers over discretionary fiscal policy?What is the main reason for employing contractionary fiscal policy in a time of strong economic growth?What would happen if expansionary fiscal policy was implemented in a recession but, due to lag, did not actually take effect until after the economy was back to potential GDP?
- Specify whether expansionary or contractionary fiscal policy would seem to be most appropriate in response to each of the situations below and sketch a diagram using aggregate demand and aggregate supply curves to illustrate your answer: A recession. A stock market collapse that hurts consumer and business confidence. Extremely rapid growth of exports. Rising inflation. A rise in the natural rate of unemployment. A rise in oil prices.'The U.S., world's largest economy, went into recession in February of 2020. It has taken a broad range of steps to combat the economic disruption caused by COVID-19. In response to this crisis, governments have enacted sweeping and sizable fiscal stimulus of trillions of dollars.' Is it an appropriate policy response if the primary responsibility of the government is to maintain economic growth? Explain the significance of Fiscal policy for an economy? Is there any difference in the two approaches of fiscal expansion through - direct transfer benefit and government spending directly on purchase of goods and services that may influence real GDP? What role does multiplier play? Explicate. Support your answer with the suitable diagram/s.Please no written by hand and no emage In South Africa explain the following Explain the risks associated with the use of Tax Expenditure Subsidies as a substitute for direct expenditure programmes Describe the role of fiscal policy as a discrete objective of Government Describe the fiscal policy areas of intervention and the strengths and weaknesses of alternative approaches Analyse the manner in which tax, expenditure and government borrowing interact in affecting macroeconomic outcomes Compare the competing views on the relationship between fiscal policy and the achievement of inclusive growth (i.e. addressing inequality and unemployment)
- You should discuss the Fiscal policy of Demand Side and Market-oriented and Interventionist policies of the Supply Side policies available to governments in order to influence the economy. a)Advice and persuation b)conclusion.(a) (i) Define “expansionary fiscal policy” using above Malaysia budget 2022article. (ii) Explain the application of “expansionary fiscal policy” using aboveMalaysia budget 2022 article. (b) Analyse the Malaysia budget 2022 type using the related government revenues andexpenses in above article.The Malaysian Government has outlined an Economic Stimulus Package, PRIHATIN package, Additional PRIHATIN Package, National Economic Recovery Plan and Kita PRIHATIN Package worth RM20billion, RM230billion, RM10billion, RM35billion and RM10billion respectively to mitigate the impact of COVID-19 and Movement Control Order (MCO). Question Elaborate on how the following fiscal policies can be used as a tool to mitigate the impact on economy where country is experiencing a (Hint: You may use basic principles/theory of economics to explain this. Graphic representation such as curve/graph would be useful to help on showing the effect to Aggregate Demand (AD), inflation (unemployment) or country growth. Aggregate demand (AD, GDP) Inflation Unemployment Elaborate on how the following monetary policies can be used as a tool to mitigate the impact on economy where country is experiencing a (Hint: You may use basic principles/theory of economics to explain this. Graphic representation…
