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FISCAL POLICY PRACTICE 3 Possible Places the economy can be at any point in time: Recession Full Employment Inflation Unemployment - 9 Unemployment -. 9% Unemployment - Inflation - % Inflation - % Inflation - %_ What type of policy car What type of policy car we use? we use? WANT Tools Expansionary Contractionary Who controls Government Fiscal Policy? Spending (increase or decrease) Taxes XXXXXXXXX (lower or increase) Impact on Price XXXXXX Graph: Graph: Level and real GDP?4. Consumer expectations are rising faster than economists project, and the government is worried about prices increases resulting in an overheated economy. Expansionary Contractionary Taxes Government Spending 5. A country has recovered fully from a recession and unemployment is an at all-time low. Expansionary Contractionary Taxes Government Spending Definition Formula Tax Multiplier: Spending Multiplier: 1. If the marginal propensity to consume is equal to 0.75, calculate the maximum possible change in real gross domestic product that could result from the $100 billion increase in government spending 2. If the government increases its purchases by $100 and MPC = .8, how much will national income change? 3. If businesses decrease investment by $200 and MPC = .75, how much will this change National Income? 4. If the government decreases taxes by $100, how much would National Income change when MPC= .6?Fiscal Policy Thought Role of Government Keynesian Economics: Supply-Side Economics: EXAMPLE: Unemployment rates at 1% and an increase in the money supply have caused prices to rise. What would a Republican, running for President, recommend the government do to solve this economic situation? (note: sometimes you will increase or decrease taxes, sometimes you won't) Expansionary Contractionary Taxes Government Spending X decrease 1. Inflation is above 2% for a nation. What policy change would the government have to combat this and how would they use their policies? Expansionary Contractionary Taxes Government Spending 2. A Democratic President is trying to solve an economic crisis of a weak housing market and a collapsing stock market. How would they solve this problem? Expansionary Contractionary Taxes Government Spending 3. A country's economy is facing a recession and overall spending is down. The government wants to push spending backup. Expansionary Contractionary Taxes Government Spending