D Question 51 The following data is taken from the Budget Report from www.budget.gov.au: Australia's budget...

 

Transcribed Image Text:

D Question 51 The following data is taken from the Budget Report from www.budget.gov.au: Australia's budget position in 2022-23 Total revenue: $561b Total expenses: $628b Questions: (i) Is this a budget deficit or a budget surplus? (1 mark) (ii) What is the name of the fiscal policy associated with scenario above? (1 mark) (iii) What will be the impact of the policy above on price level and equilibrium real GDP? (2 marks) (iv) State one negative impact of the above policy in the long term. (1 mark) D Question 51 The following data is taken from the Budget Report from www.budget.gov.au: Australia's budget position in 2022-23 Total revenue: $561b Total expenses: $628b Questions: (i) Is this a budget deficit or a budget surplus? (1 mark) (ii) What is the name of the fiscal policy associated with scenario above? (1 mark) (iii) What will be the impact of the policy above on price level and equilibrium real GDP? (2 marks) (iv) State one negative impact of the above policy in the long term. (1 mark)

Answer rating: 100% (QA)

the budget deficit or surplus Based on the information provided in the image Australias budget for 2... View the full answer