7-2 Simulation Discussion: Second Run of Econland v NOTE THAT A CUSTOM RUBRIC IS USED FOR THIS DISCUSSION. For this discussion, play your second run of the Macroeconomics Simulation: Econland (from Harvard Business Review), in which you act as a the chief economic policy advisor for the fictional country of Econland. Select either the Rollercoaster or Stagnation scenario option. You may play the simulation as many times as you like. This will directly support your success in your course project, due in Module Eight. in your initial post, include an image of your simulation report. (See Module Seven Simulation Discussion Screenshot Instructions PDF.)I Then address the following: - Share your experience in the simulation. In your opinion, which policy decisions were more successful and why? . Why does the simulation provide you with a global economic outlook for each year? How does an open economy versus a closed economy impact government policy decisions? Use information from the textbook or the news to support your answer. 0 At the end of each year, the simulation highlights changes in consumer confidence. Why is the economic indicator "consumer sentiment" relevant for making successful policy decisions? Use news sources to support your answer. Real GDP Growth Unemployment Rate Approval Rating Average Low 16.0- 5.0 - 100 - 12.0 4.0 - 80 - 8.0 - 3.0- 60 - 4.0 - 2.0 - 40 % of labor force 0.0 - 1.0 - 20 - -4.0 0.0 O 0 1 2 3 4 5 6 7 1 2 3 4 5 6 7 0 2 3 4 5 6 7 Inflation Rate Budget Surplus (Deficit) Average Approval Rating High Low Low 10.0 5.6 - 8.0 - 2.6 - 6.0 - -0.4 - % of GDP 4.0 - -3.4 - T 61 2.0 - -6.4 - points 0.0 -9.4 0 1 2 3 4 5 6 7 1 2 3 4 5 7