ECNO 260 ACU Fiscal Policy to Resolve Recession Project
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Instructions:
You are the Chief Economic Advisor of Econoland, a country whose economy is currently experiencing a recession. Your job is to advise the President on the current state of the economy in the form of a letter. You should provide a concise explanation of fiscal policy approaches to returning the economy to full employment. Be sure to include the following items in your letter:
Using what you learned this week, identify the main problems the economy is currently experiencing. Use an AD/AS graph to illustrate a recession.
In the context of Aggregate Supply and Demand (AS/AD), Briefly explain what fiscal policy is and how it can resolve a recession. Make sure you clarify which line on the AS/AD graph will move and why.
Insert an AS/AD graph to show how these actions will return the economy to full employment.
- Explain the difference between discretionary fiscal policy and the use of automatic stabilizers.
- Suggest one specific example of a discretionary fiscal policy that can stabilize this economy. What is at least one problem associated with using a discretionary option rather than an automatic option?
- Identify one specific example of an automatic fiscal policy (built-in stabilizer) and explain how it will help to stabilize this economy.
- What are the potential negative consequences of using fiscal policy to resolve this recession?
- Prior to writing your letter, complete the Fiscal policy pre work worksheet.
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