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Macroeconomics Test For Semester 2 With The Topic Of Government Policy To Influence Budget, Which This Answer Written By Me Obtained A High Mark. I Have Amended The Ones That I Have Missed Out In The Test, And Hopefully It Is Useful For The Test And Exam

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Macroeconomics Test For Semester 2 With The Topic Of Government Policy To Influence Budget, Which This Answer Written By Me Obtained A High Mark. I Have Amended The Ones That I Have Missed Out In The Test, And Hopefully It Is Useful For The Test And Exam

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Macroeconomics Test For Semester 2 With The Topic Of Government Policy To Influence Budget, Which This Answer Written By Me Obtained A High Mark. I Have Amended The Ones That I Have Missed Out In The Test, And Hopefully It Is Useful For The Test And Exam
Topics this document covers:
Economy Fiscal policy Public finance Economics Public economics Macroeconomics Government spending Government budget Balanced budget Transfer payment Automatic stabilizer Tax
This is a Partial Set of Study Notes

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Topics this document covers:
Economy Fiscal policy Public finance Economics Public economics Macroeconomics Government spending Government budget Balanced budget Transfer payment Automatic stabilizer Tax
Sample Text:
Government Expenditure: Current good and service, investment & infrastructure Taxation: Income Tax (Direct Tax), Consumption Tax (Indirect Tax) Transfer Payment: Benefits, Pensions Contractionary fiscal policy is designed to close an expansionary output gap by changing aggregate expenditures and shifting the aggregate demand curve. As Government purchases of goods and services are a component of PAE, PAE = C + Ip + G + NX, government expenditure is treated as exogenous, so changes in G will shift the PAE line. When there is a expansionary output gap, the government can decrease expenditure, which will decrease the aggregate expenditure, aggregate production, income and the rate of inflation. These will shift PAE curve to the left and close the gap. Whereas, taxes and transfer payments affect the level of disposable income (Y - T) received by private sector. In this...
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