The following rules illustrate traditional economic policy theory in terms of regulating a government's economy.

a) If the annual growth rate is less than 1%:

• If inflation is less than 3%, recommended economic policy is: Increase welfare spending, reduce personal taxes, and decrease discount rate.
• Otherwise, recommended economic policy is: Reduce business taxes.

b) If the annual growth rate is greater than 4%:

• If inflation is less than 1%, recommended economic policy is: Increase personal and business taxes, and decrease discount rate.
• If inflation is greater than 3%, recommended economic policy is: Increase discount rate.

Write a Java program that applies these economic policy practices. More specifically, read in growthRate and inflationvalues and output the recommended economic policy for the given economic situation. If there is no recommended economic policy for the given economic situation, then output "No change in economic policy."

Answer rating: 100% (QA)

We will take input for the growth rate and inflation values and then determine the recommended econo... View the full answer