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Basic Macro Economics Miscellany: a. On April 29, 2020 Jerome Powell the chair of the Federal Reserve in the United States stated in a press

Basic Macro Economics Miscellany:

a. On April 29, 2020 Jerome Powell the chair of the Federal Reserve in the United States stated in a press conference the US should unleash the "great fiscal power" to defeat COVID-19 and repair economic devastation. Briefly describe the fiscal policy actions that the US could undertake.

b. The GDP equation is Y=C+I+G+NX. Briefly describe each factor in this equation. How does monetary policy affect GDP?

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