Econ 200 - Winter 2024 *All these questions relate to the CANADIAN economy and references to be provided. 1. International Trade: Protectionism vs. Free Trade Describe the \"Donald Trump\" school of thought. Namely, moving toward closing a country's borders to trade (Protectionism) is often the best way to stimulate growth internally. What arguments/ideas support this? Describe the \"Brian Mulroney\" argument that free trade yields the best quality of life for an economy and its citizens. What points/ideas support this argument? Which of these two do you think makes the most sense and why? Measures of Macro-Economic Performance (Gross Domestic Products GDP vs. Gross National Happiness Index) Define and describe both measures, and provide statistics for each for the past 5 years. Which of these two measures is better and WHY? Inflation and Employment What is worse for the economy and for society: Unemployment or Inflation? Why? *Please ensure you fully define each term, as well as show how they are calculated and provide figures/statistics for the past 5 years Public Debt Does the size of the public debt really matter? The public debt is a small price to pay for deficit spending, which is crucial for the growth of the economy VERSUS Deficit spending should be reigned in and the federal government should concentrate on paying down the public debt whenever possible. Provide supporting arguments for each of these points. Again, stats and numbers would be helpful to your argument(s). Monetary and Fiscal Policy Which is more important, Fiscal or Monetary Policy...provide arguments for each of these opposing points of view described below: A: Fiscal policy is carried out by our federal government is more effective and should play a larger role in stabilizing our economy B: Monetary policy as enacted by the Bank of Canada is more effective and should play a larger role in stabilizing our economy. [Again define and decrrihe what earh nf thece are and what thev mean)