Need some help with these questions please.

Question 1:

Refer to the accompanying table for Waxwania. Government Tax Real Expenditures , G Revenues, T GDP $170 110 $550 170 130 650 170 150 750 170 170 350 170 190 950 Suppose Waxwania is producing $650 of real GDP, whereas the potential real GDP (= full-employment real GDP) is $750. a. How large is its budget deficit? $ billion b. Its cyclically adjusted budget deficit? $ billion c. Its cyclically adjusted budget deficit as a percentage of potential real GDP? Instructions: Round your answer to two decimal places. percent d. Is Waxwania's fiscal policy expansionary or contractionary? (Click to select) Expansionary ContractionaryConsider the following information on aggregate demand and supply of real output. Suppose that aggregate demand increases such that the amount of real output demanded rises by $15 billion at each price level. Real Output Price Reel Output Demanded (original) Level Supplied $500 112 $515 505 106 512 510 100 510 -_ \" a. By what percentage will the price level increase? |:| percent b. Will this inflation be demand-pull inflation or will it be cost-push inflation? c. If potential real GDP (that is, full-employment GDP) is $510 billion, what will be the size of the positive GDP gap after the change in aggregate demand? $ |:| billion d. If the government wants to use fiscal policy to counter the resulting inflation without changing tax rates, would it increase government spending or decrease it? (Click to select) v Label each of the following scenarios in which there are problems enacting and applying fiscal policy as being an example of either recognition lag, administrative lag, or operational lag. a. To ght a recession, Parliament has passed a bill to increase infrastructure spendingbut the legally required environmental-impact statement for each new project will take at least two years to complete before any building can begin. b. Distracted by a conflict that is going badly, inflation reaches 8 percent before politicians take notice. (Click to select) v c. A sudden recession is recognized by politicians, but it takes many months of political deal making before a stimulus bill is nally approved. (Click to select) v d. To fight a recession, the president issues an executive order requiring Federal agencies to get rid of petty regulations that burden private businessesbut the Federal agencies begin by spending a year developing a set of regulations on how to remove petty regulations. (Click to select) v