1. During recession, how a government can make a best use of fiscal to recover economy. Please use specific examples from recent recession caused by COVID-19 pandemic. (10 Points)

2. Discuss cost and benefits of economic growth, particularly as measured by realGDP per capita? Please provide specific examples of countries to relate with your arguments. (10 Points)

3. If you were the Governor of the Bank of Canada, and assuming that the Canadian economy is experiencing an output (or income) gap, then what actions will the Bank take, and what are the tools of monetary policy it will use to eliminate this gap? (10 Marks