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1. a) Outline how counter cyclical fiscal policy and balanced budget fiscal policy would close a recessionary gap. Be specific on goals, how each theory

1. a)Outline how counter cyclical fiscal policy and balanced budget fiscal policy would close a recessionary gap. Be specific on goals, how each theory would achieve those goals, how they would close the gap and potential negative effects. (8 marks)

b) Please describe how the Production Possibilities Curve (PPC) represents scarcity, choice and opportunity cost.(2 Marks)

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