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Q47. 3. Carefully explain, in one sentence: what is fiscal policy? (5 marks) b. Carefully explain, using at least one example, the meaning of the

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Q47. 3. Carefully explain, in one sentence: what is fiscal policy? (5 marks) b. Carefully explain, using at least one example, the meaning of the term 'automatic stabilisers' and how these operate to dampen macroeconomic volatility. (5 marks) c. Assume an economy is in initial short and long run macro equilibrium. Use a dynamic AD/AS model to carefully explain how discretionary scal policy could be used to counter an inationary gap. (20 marks)

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