Policy Conflicts: Understanding Fiscal, Monetary and Supply-Side Policies, Exams of Economics

Download Policy Conflicts: Understanding Fiscal, Monetary and Supply-Side Policies and more Exams Economics in PDF only on Docsity! Topic Y13 - Implementing Policy - A Level Economics Policy Conflicts Fiscal Policy Monetary Policy Supply-Side Policy Specification Explain: • Government budget • Direct, indirect, progressive, proportional and regressive taxation • Current and capital government expenditure • Budget surplus, deficit and balanced budget • Cyclical and structural budget position • National and government debt • Discretionary fiscal policy and automatic stabilisers • Crowding out • The Laffer curve Explain and calculate: • Average and marginal tax rates Evaluate: • The effectiveness of using fiscal policy to achieve the government’s macroeconomic objectives Explain, with the aid of a diagram: • Changes in interest rates • Changes in money supply • Inflation rate targets • Quantitative easing • Influence of exchange rates Evaluate: • The effectiveness of using monetary policy to achieve the government’s macroeconomic objectives Explain, with the aid of a diagram: • Privatisation, deregulation and subsidies • Competition policy • Investment in infrastructure, education, training, research and development • Reforms of the tax and benefit system • Improved labour market flexibility • Immigration control Evaluate: • The effectiveness of using supply side policy measures to achieve the government’s macroeconomic objectives Evaluate: • Conflicts and trade-offs between policy objectives Y13 - Implementing Policy - A Level Economics