The homework I need help with is displayed below.

12 points. 1. Given an economy (figures are in billions of dollars) NT = 0.3Y NT = Taxes - Transfer Payments, Y = National Income G = 1250 G = Government Purchases YFE = 4000 YFE = National Income at Full Employment Y = 3400 Current National Income a. Calculate this economy's actual government budget balance. b. Calculate this economy's structural government budget balance. c. Calculate this economy's cyclical government budget balance. 8 points. Quick research topic. 2. Below is a graph that is known as the Laffer Curve in economics. Please explain what concept the Laffer Curve is illustrating. In your explanation be sure to address why the curve initially slopes upward but at T* it starts to slope downward. Please cite your sources of information. The Laffer Curve Tax Revenue T* Tax Rate (%)