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Consider an economy in recession with a high rate of unemployment. Using the Keynesian income-expenditure model (or multiplier model), show how an expansionary fiscal policy can bring about economic recovery and reduce the unemployment rate. Explain why this policy will not crowd-out private sector investment. Now, suppose the expansionary policy leads to a trade deficit. How would you modify the policy to prevent a persistent trade deficit?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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