• which policy decisions were more successful and why?
• Why does the simulation provide you with a global economic outlook for each year? How does an open economy versus a closed economy impact government policy decisions? Use information from the textbook or the news to support your answer.
• At the end of each year, the simulation highlights changes in consumer confidence. Why is the economic indicator "consumer sentiment" relevant for making successful policy decisions? Use news sources to support your answer.

Real GDP Growth High 9.0 7.0 5.0 3.0 1.0 -l.0 Ination Rate Lowr "/1. 10.0 S 0 6.0 4.0 2.0 0 0 m c; Unem ployinent Rate Low "21. ol'lahor l'ome 10.0 9.0 6.0 -I.0 2.0 0.0 Budget Surplus (Deficit) Low " u of GDP 5.0 30 1.0 _ I. ll.- -3 .0 J' 0 Approval Rating Average Approval Rating 0 72 points Feedback from Policy Advisor The economy is now doing well on all fronts and your population is satisfied with the results of your policies. Well done. The economy is growing at a good pace. See if you can identify the policy decisions that have resulted in this level of economic growth. You have kept government expenditure constant in nominal terms. Remember that. if ination is positive, this amounts to a reduction in government expenditure in real terms (i .e. after adjusting for ination]. The government is running a budget surplus. This means there is an opportunity to increase government spending or reduce taxes in order to boost economic