Present the variables GDP growth rate, unemployment rate and inflation rate each in a single chart. For instance present GDP growth rate for the five countries in one chart. Similarly provide a chart for each of GDP, the unemployment rate and the inflation rate. Based on the charts you have prepared, compare and explain the effect of the major global economic crisis on the five countries.
Now prepare a chart for each country which shows its GDP, government expenditure and taxes. (If you have found government expenditure and tax as a share of GDP you will need to calculate the figures.) Compare the government’s share of the economy of each country. Compare the government budgetary position of each country (balanced budget, deficit or surplus) over the period (hint: Chapter 27 of the textbook). Discuss, how and why, these changes with the major global economic crisis
The data collected and presented on the national economies over the past 16 years show all economies experiencing to various degrees, the Global Financial Crisis (GFC). To minimize the impact of the financial crisis on the Australian and the USA economies, both monetary and fiscal policies have been used. Australia and The USA are currently experiencing considerably strong economic growth aftermath the GFC. The application of fiscal policies had played a role in achieving this outcome. Given this situation:
Explain/examine how both governments’ expenditure and tax policies can best be used to impact on desired economic outcomes. Where appropriate use relevant theory and economic model (such as AD-AS model) to support your points.
Can fiscal policies be effectively used to control economic activities; what are some of the problems or challenges of fiscal policy application? Where appropriate use relevant theory and economic model (such as AD-AS model) to support your points.
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