10:48 Economic Advisers; USDebtClock. org and read Chapter 33: Fiscal Policy, Deficits, and Debt then answer the following questions: 1. What is the role of the Council Economic Advisers (CEA) as it relates to the effectiveness of the recent U.S. fiscal policy? You can go to the website for the White House: The White House. (n.d.). Retrieved from https://www.whitehouse.gov/cea/staff 2. What are problems that governments may encounter in enacting and applying fiscal policy? You can read about the recent trends of US fiscal policy in historical context here: Federal Reserve Bank of Cleveland. (2015, Jul 14). US fiscal Policy: Recent trends in historical context. Retrieved from https://www.clevelandfed.orgewsroom-and- events/publications/economic-trends/2015- economic-trends/et-20150714-us-fiscal-policy- recent-trends-in-historical-context.aspx 3. Public debt is the sum of deficits and surpluses (negative deficits) over time. Suppose that a country has no public debt in year 1 but experiences a budget deficit of $40 billion in year 1, a budget deficit of $20 billion in year 2, a budget surplus of $10 billion in year 3, and a budget deficit of $2 billion in year What is the absolute size of its public debt in year 4? 4. If the real GDP in year 4 is $104 billion, what is this country's public debt as a percentage of real GDP in year 4? If the real GDP in year 4 is $104 billion, what is this country's public debt as a percentage of real GDP in year 4? Should fiscal policy be counter- cyclical? You can find data of the of US total public debt here: Economic Research / Federal Reserve Bank of St. Louse/ Federal Debt: Total Public Debt as Precent of Gross Domestic Product https://fred.stlouisfed.org/series/GFDEGDQ188S You can read about the US deficits and debt here: Deficits and Debt in Contemporary US Fiscal Policy: Updating Our Priories (2019, Nov by JARED BERNSTEIN): https://www.copp.org/economy/deficits- and-debt-in-contemporary-us-fiscal-policy-updating= our-priors 5. What is the current US national debt? You can go to the website: USDebtClock.org US Debt Clock. (n.d.). Retrieved from http://www.usdebtclock.org/ -fleet02-xythos.content.blackboardcdn.com - Private