Prepare a 350-700-word memo addressing the following:

Question

a. Describe the use of Gross Domestic Product (GDP) to measure the business cycle.
b. Describe the roles of government bodies that determine national fiscal policies.
c. Explain the effects of fiscal policies on the economy’s production and employment. How do changes in government spending and taxes positively or negatively impact the economy’s production and employment?

Answer 1

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Answer 2

I am stuck on the first part of the assignment. a. Describe the use of Gross Domestic Product (GDP) to measure the business cycle.