1. "The global crisis that had its roots in the 2007 meltdown in the U.S. mortgage market is a good case study in fiscal policy." This is partly because of the way government tax revenues and expenditures adjusted to make the recession less severe. Discuss. (10 marks) 2. Use the IS-LM-BP model (assuming perfect capital mobility) to show that under fixed exchange rates, monetary policy does not work. (10 marks) 3. Write your view (in 500 words) on the impact of the Covid-19 pandemic on the macroeconomic variables of the Indian economy. (20 marks)