Fiscal policy

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Fiscal policy

  1. 1. In your groups Here is the economic data for 2 countries. Country A 2007 GDP = $4381000 million Population = 127 million Labor Force = 66.7 million Searching for work = 2.53 million Country B 2007 GDP = $1838000 million Population = 188 million Labor Force = 99.47 million Searching for work = 9.74 million GDP per capita: $34,496.06 Unemployment rate: 3.8 % GDP per capita: $9776.60 Unemployment rate: 9.8 % 1. Which country would you rather live in if you don’t have a job? 2. Which country would be considered rich and poor? 3. What would you do to help the poor country? 4. Do you think it always be this way? USA GDP per capita: $43000 USA Unemployment: 6.4 %
  2. 2. Review • The US dollar is what sort of currency • Poker chips are what sort of currency
  3. 3. Why do many Americans hate Congress?
  4. 4. Fiscal Policy • In the US: • Economic policy by congress • Laws that…. • Tax • And spend • And regulate • Expansionary vs. contractionary
  5. 5. Fiscal Policy • • • • • • In the US: Taxation Raise or lower tax % Create or eliminate taxes Income tax after 1913 Tariffs: solar panels, sugar • Expansionary vs. contractionary • Affect on consumption and investment?
  6. 6. • • • • • • Fiscal Policy In the US: Regulation Rules Drug war 1973 Coal regulations EPA Affordable Healthcare act AKA: Obamacare • Expansionary vs. contractionary • Affect on consumption and investment?
  7. 7. Fiscal Policy • • • • • In the US: Spending Bridges, military, New Deal Transfer payments • Expansionary vs. contractionary • Affect on consumption and investment?
  8. 8. Mankiw Page 527-8 #3, A-D #5 A only #7 A, B, D

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