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'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.

M4

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The diagram below shows two budget deficit functions for a hypothetical economy. Budget Deficit (millions of dollars) 14 7.5 4 Real GDP (millions of dollars) 100 200 300 400 500 600 700 Budget Surplus (millions of dollars) Bo B1 FIGURE 31-2 FIGURE 31-2 Refer to Figure 31-2. Initially, suppose real GDP is $100 million and the budget deficit is $14 million, as shown by point A. Which of following vents coul result in a move from point A to point C? A) a fiscal contraction and a decrease in GDP B) a fiscal expansion and an increase in GDP C) a fiscal expansion and a decrease in GDP an increase in GDP with no change in fiscal policy E) a fiscal contraction and an increase in GDP

A country's gross national product would exceed its gross domestic product when the O A. production of domestically-owned factors operating abroad exceeds the production of foreign-owned factors operating in the United States. OB. production of foreign-owned factors operating in the United States exceeds the production of domestically-ownod factors operating abroad. O C. amount of the national debt owed to foreigners is less than the amount of foreign debt owed to residents of the domestid economy. O D. country's residents own more assets abroad than foroigners own in the domestic economy Click to select your answer.

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es = aw Refer to the figure from the World View to answer one question. Saudi Arabia United States China South Africa Japan France U.K. Mexico Italy Canada BUDGET DEFICIT (-) (percentage of GDP) 0-1 -2 -3 -4 -5 -6 -7 -8 -9 What country had the largest budget deficit (as a percentage of GDP) in 2018? O France O Mexico O United Kingdom O Saudi Arabia O Japan O South Africa O Italy O United States O Canada O China F1 4x F2 Q Search K F3 F4 DII F5 PrtScn FS > e Home

Impact of budget deficits

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It is said that, the national budget is an annual development plan for the state and it is more than ordinary financial statement. Covid-19 epidemic outbreak has had a devastating impact on most economies specially Ghana. It therefore requires expert knowledge and prudent economic decision making to recover the economy. As a special assistant to the Minister of Finance, indicate the macroeconomic targets you will consider appropriate to be factored into 2021 national budget? Demonstrate clearly in each case how the performance targets set could be achieved using appropriate economic policy measures.

(a) What is the current equilibrium level of national income? = (b) What is the level of injections 5+ 8 + 7= 206 (c) What is the level of withdrawals o 60+5+8+710-70 yoour TR:7bS-? (d) Assuming that tax revenues are 7 billion, how much is the level of savings? 13-50 040 (e) If national income now rises to 80 billion, and as a result, the consumption of domestically produced goods rises to 58 billion, what is the mpca (f) What is the value of multiplier? (g) Given the initial level of national income of 80 billion, now assume that spending on exports rises by 4 billion, spending on investment rises by 1 billion, and government expenditure falls by 2 billion. By how much the national income will change? 83 Q2, You find the following economic data for a closed economy Utopia: Marginal propensity to consume = 0.6, Investment = 30, Governement spending = 20 Government revenues =20 (Tax collection) People will consume a minimum of 10, no matter what their income is. 4=80 2. I=6 1. What is…

In the United States, from the most recent fiscal data we reviewed in class, total government spending is roughly 39% of GDP; yet, using the expenditure method for calculating GDP, government expenditures on goods and services were only 17% of GDP. Which of the following most likely explains the difference? Select one: O a. Transfer payments are included in the second figure, but not the first one. O b. Transfer payments are included in the first figure, but not the second one. O c. Military (i.e. defense) spending on goods and services is included in the second figure, but not the first one. O d. Military (i.e. defense) spending on goods and services is included in the first figure, but not the second one.

Explain fiscal policy and give an exmple of how it could be applied to the current COVID situation in the United States.

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Real GDP $0 10 40 70 100 130 160 Consumption Gross (after taxes) Investment Net Exports $10 $+5 10 +5 10 +5 10 +5 10 +5 10 +5 10 +5 -$20 0 20 40 60 80 100 O Refer to the table. A decrease in government purchases of $5 would Multiple Choice decrease real GDP by $5. decrease real GDP by $15. increase real GDP by $5. Government Purchases $15 15 15 15 15 15 15 increase real GDP by $10.

Not written by hand solution Suppose that the typical Canadian spends 70 percent of their income. There is an income tax rate is 8% per period. If the government wanted to see the effect of a tax cut of $80 billion, what would be the tax multiplier that they would have to use.   **Make sure that your answer is a number that is rounded to two decimal places. For example if it is 4.3578 then make it 4.36 in your answer***

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Canadian real GDP unexpectedly accelerated to a 4.5 percent pace in the second quarter of 2017. This​ faster-than-expected growth was the fastest among Group of Seven countries. It was led by the biggest rise in household spending since before the​ 2008–2009 global recession.How would an unexpected increase in the economic growth rate influence federal government​ outlays? Federal government outlays would​ ______ because​ ______ .A. ​decrease; government expenditure on goods and services would fallB. ​decrease; transfer payments such as unemployment benefits would fallC. ​increase; debt interest would increaseD. not​ change; the economic growth rate​ doesn't influence federal government outlays How would an unexpected increase in the economic growth rate influence federal government​ revenues? Federal government revenues would​ ______ because​ ______ .A. not​ change; the economic growth rate​ doesn't influence federal government revenuesB. ​increase; taxable incomes would rise and tax…

a) how can a government correct those those following issues which arose due to covid-19?  (using governemnt policies) i. inflation ii. disruptions in the labour market, (unemployment) iii.the disequilibrium of demands and supplies iv. economic fiscal deficits.