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  •  Fiscal Policy

Click to read the article below and then answer the questions:

Rishi Sunak has strong fiscal cards waiting to be played

  • Define Gross Domestic Product (GDP).

  • Distinguish between a budget deficit and the national debt.

  • With reference to the article, identify the approximate value of the UK’s GDP.

  • Explain how the government borrows when its tax receipts are insufficient to meet its planned expenditures.

  • Using an AD/AS diagram, analyse the potential impact of pandemic-related economic scarring on the real economy; ie unemployment, economic growth, inflation and trade.

Gavin Clarke, Emmanuel College

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