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Go back to A 4) and complete the t Activity 5: Check for Understanding (18min) Activity 4 Direction: Identify whether the statement is TRUE or FALSE. If the statement is false, UNDERLINE the word or group of words that make the statement false and indicate the correct answer on the space provided below the statement. 1. Fiscal policy refers to the use different tools such as interest rates, open market operations and reserve requirements to influence economic conditions, especially macroeconomic conditions, including aggregate demand for goods and services, employment, inflation, and economic growth. TRUE 2. Contractionary policy is a monetary measure referring either to a reduction in government spending-particularly deficit spending-or a reduction in the rate of monetary expansion by a central bank. TRUE 3. Expansionary fiscal policy is intended to prevent or moderate economic downturns and recessions. 4. Inflation rate does not affect the computation of real interest rate; hence it should be ignored. 5. Nominal rate is the same with stated or explicit rate. 6. High inflation and the risk of wide-spread defaults when debt bubbles burst can badly damage the economy and this risk in turn leads governments (or their central banks) to reverse course and attempt to "contract" the economy. 7. The basic objective of contractionary fiscal policy is to boost aggregate demand to make up for shortfalls in private demand. This do operty of PHINMA EDUCATIONClass number: Schedule: Date: 8. Monetary policy refers to policy undertaken by a nation's central bank while fiscal policy is politicized by the government. 9. Both monetary policy and fiscal policy aim to boost the aggregate demand of an economy resulting to stable price level, unemployment rate and GDP. 10. If a country is facing a high unemployment rate during a slowdown or a recession, the monetary authority can opt for a contractionary policy aimed at increasing economic growth and expanding economic activity. SSON WRAP-UP vity 6. Thinking about Learning (5 min)