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Assume that the Australian economy is in expansionary phase of the business cycle and inflation is 7% which is greater than the RBA target of

Assume that the Australian economy is in expansionary phase of the business cycle and inflation is 7% which is greater than the RBA target of 2-3%.

a.Should the Federal Government implement a contractionary OR an expansionary fiscal policy? (2 marks) (40-50 words)

b. Explain how the policy would work to correct the Australian economy. (2 marks) (40-50 words

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