Fiscal Policy and the Macroeconomy

Examine how fiscal policy is used to mitigate negative impacts on the national economy.This assessment deals with how the government utilizes fiscal policyinstruments (tools) to stabilize the economy and to achieve fullemployment, control inflation, and encourage economic growth.Suppose the economy of a hypothetical country has reached itslong-run macroeconomic equilibrium when each of the following aggregatedemand shocks occurs.The economy of a hypothetical country has been stable for two orthree years with very low unemployment. Wages have been graduallyincreasing during this time. Now stock market prices begin significantincreases, causing peoples’ investments, such as their retirementaccounts and other investments, to increase in value. People feel verygood about the future and use their new-found wealth to buy things thatthey had been hesitant to purchase in the past. Describe, in a shortessay inserted below these questions, how the economic situation willchange and how the government could best respond to these changes.Include detailed answers to the following questions in your essay:What kind of economic gap will start to occur (inflationary or recessionary)?What kind of fiscal policy might be helpful to stabilize the economy (expansionary or contractionary)?What specific fiscal policy tools does the government haveavailable, and how should these tools be utilized to maximize theireffect in stabilizing the economy?What would be the likely impact on the government budget and national debt of the use of these fiscal policy tools?The economy of a hypothetical country has been stable for two orthree years with very low unemployment. Wages have been graduallyincreasing during this time. Now an aggressive policy of increasingtariffs on foreign goods imported into the country results inretaliatory actions from the other countries against the hypotheticalcountry’s products and services. This causes great loss of business inthe hypothetical country, and results in significant unemployment.Describe, in a short essay inserted below these questions, how theeconomic situation will change, and how the government could bestrespond to these changes. Include detailed answers to the followingquestions in your essay:What kind of economic gap will start to occur (inflationary or recessionary)?What kind of fiscal policy might be helpful to stabilize the economy (expansionary or contractionary)?What specific fiscal policy tools does the government haveavailable, and how should these tools be utilized to maximize theireffect in stabilizing the economy?What would be the likely impact on the government budget and national debt of the use of these fiscal policy tools?Assume that in a hypothetical country, coal mining is a significantindustry, hiring a high proportion of that country’s workforce.Describe, in a short essay inserted below this question, how asignificant decline in coal mining, as the country attempts to switch toenvironmentally safer production, can ripple through the entireeconomy, and how the government can use fiscal policy tools to combatsuch negative effects.Minimum Submission RequirementsProper notification of any resubmission, repurposing, or reworking of prior work per the Purdue Global Student Coursework Resubmission, Repurposing, and Reworking Policy Resource.This assessment should be completed in this template.Your paper must be written in Standard English and demonstrate exceptional content, organization, style, grammar, and mechanics.Your writing should be well ordered, logical, and unified, as well as original and insightful.You should paraphrase the material and use in-text citations tojustify your discussion. Avoid using quotations. Ensure you are properlyparaphrasing from your sources. For a refresher on paraphrasing, viewthis short video on paraphrasing andexplore the additional resources prior to starting your assessment. Youcan access tutorials, how-to videos, tutoring services, and more byvisiting the Academic Success Center.You must include one high-quality source, which canbe your textbook. Additional sources can be current Purdue GlobalLibrary sources. Peer-reviewed academic articles, articles published injournals, textbooks, and library resources found in the “ProQuestABI/Inform Collection” database from the Library are examples ofhigh-quality resources.Respond to the questions in a thorough manner, providing specificexamples of concepts, topics, definitions, and other elements asked forin the questions. Your paper should be highly organized and focused.Be sure to include references for all sources and cite them usingin-text citations where appropriate. Your sources and content shouldfollow the current APA citation style. Review the writing resources forAPA formatting and citation found in Academic Tools. Additional writingresources can be found within the Academic Success Center.Your paper submission should:Be in the template provided; andbe free of spelling or punctuation errors.If the work submitted for this competency assessment does not meetthe minimum submission requirements, it will be returned for revision.If the work submitted does not meet the minimum submission requirementsby the end of the term, you will receive a failing score.

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