1. 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. ( with reference (apa)
2. 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. ( with reference apa)

Real GDP Growth Unemployment Rate Approval Rating Feedback from Policy Advisor Average Average 9.0 7 10.0 7 100 - 7.0 - 8.0 - 80 - 5.0 - 6.0 - 60 3.0 - 4.0 40 - Economic growth is slow. This can % of labor force 1.0 . 2.0 20 - lead to higher unemployment and -1.0 0.0 lower consumer confidence. Analyze 0 2 3 0 2 3 4 5 6 7 4 5 6 the Reports to see which components of GDP are not growing quickly enough and how your Inflation Rate Budget Surplus (Deficit) Average Approval Rating policies can impact these. Low Low High You have kept government expenditure constant in nominal 3.0 - 2.0 terms. Remember that, if inflation is 2.4 - 1.0 70 positive, this amounts to a reduction in government expenditure in real 1.8 - 0.0 - terms (i.e. after adjusting for % of GDP 1.2 - -1.0 - inflation). 0.6 - -2.0 - points The government is running a budget 0.0 -3.0 - 0 1 2 3 4 5 6 7 0 1 2 3 4 5 6 7 surplus. This means there is an opportunity to increase government spending or reduce taxes in order to boost economic growth