ECOLAND SIMULATION GAME SCENARIO For the benefit of the incoming administration, I submit this report to document, analyze, and interpret the macroeconomic policy decisions I made as the chief economic policy advisor of Econland. The purpose of this document is to further our national prosperity by deepening our understanding of the relationship between macroeconomic policies and their consequences for our citizens. The report includes a thorough accounting of the major fiscal and monetary policy decisions made over each of the seven years of my term, as well as an explanation of the underlying rationales for those decisions and the resulting impacts of those policies. QUESTION: Add a two- to three-sentence summary specifying which underlying scenario you chose, as well as your overall performance and approval ratings as the chief economic policy advisor of Econland based on your simulation results.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question

ECOLAND SIMULATION GAME

SCENARIO

For the benefit of the incoming administration, I submit this report to document, analyze, and interpret the macroeconomic policy decisions I made as the chief economic policy advisor of Econland. The purpose of this document is to further our national prosperity by deepening our understanding of the relationship between macroeconomic policies and their consequences for our citizens. The report includes a thorough accounting of the major fiscal and monetary policy decisions made over each of the seven years of my term, as well as an explanation of the underlying rationales for those decisions and the resulting impacts of those policies.

QUESTION:

Add a two- to three-sentence summary specifying which underlying scenario you chose, as well as your overall performance and approval ratings as the chief economic policy advisor of Econland based on your simulation results.

 

Table 3. Economic Environment,
Decisions, and Results O
Year Year Year
Year Year Year Year Year
2
3
4
5 6
7
Global Economic Growth Forecast
2.4
2.4
2.8
2.0
1.6
1.0
1.3
2.0
Consumer Confidence Index
100.0 100.0 1023 105.0 97.5 100.5 99.3 100.8
Interest Rate %
3.0
3.0
25
2.0
3.0
3.0
3.0
3.0
Income Tax Rate %
24.0 22.0 220
21.0 23.0
23.0 23.0
23.0
Corporate Tax Rate %
30.0
30.0
30.0
30.0 30.0
30.0 30.0
30.0
Government Expenditure USS (in
billions)
30.0 35.0 35.0
35.0 34.0
35.0 33.0
36.0
Real GDP Growth %
2.5
10.0
-1.0
4.9
2.6
1.6
1.7
52
Unemployment Rate %
5.0
2.0
3.4
5.4
4.0
5.3
5.7
4.2
Inflation Rate %
2.0
2.0
7.3
5.5
1.3
3.7
1.6
1.0
Budget Surplus (Deficit) as % of
-3.0
-6.2
-4.4
-2.7
1.0
1.5
3.5
2.9
GDP
Transcribed Image Text:Table 3. Economic Environment, Decisions, and Results O Year Year Year Year Year Year Year Year 2 3 4 5 6 7 Global Economic Growth Forecast 2.4 2.4 2.8 2.0 1.6 1.0 1.3 2.0 Consumer Confidence Index 100.0 100.0 1023 105.0 97.5 100.5 99.3 100.8 Interest Rate % 3.0 3.0 25 2.0 3.0 3.0 3.0 3.0 Income Tax Rate % 24.0 22.0 220 21.0 23.0 23.0 23.0 23.0 Corporate Tax Rate % 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 Government Expenditure USS (in billions) 30.0 35.0 35.0 35.0 34.0 35.0 33.0 36.0 Real GDP Growth % 2.5 10.0 -1.0 4.9 2.6 1.6 1.7 52 Unemployment Rate % 5.0 2.0 3.4 5.4 4.0 5.3 5.7 4.2 Inflation Rate % 2.0 2.0 7.3 5.5 1.3 3.7 1.6 1.0 Budget Surplus (Deficit) as % of -3.0 -6.2 -4.4 -2.7 1.0 1.5 3.5 2.9 GDP
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education