You have just completed your seven-year term as the chief economic policy advisor responsible for managing the economy of the nation of Econland. You are expected to produce a report for the incoming administration. In this outgoing report, you will summarize your macroeconomic policy decisions and the economic outcomes for Econland. The purpose of this report is to share the lessons you've learned over your term and promote sound macroeconomic decision making moving forward.

1. The first section of your report is the Introduction, in which you will personalize the provided content with the particular information related to your term (i.e., your simulation results) as the chief economic policy advisor for the nation of Econland. Follow the instructions in the template for contextualizing this section, including adding Table 3 from your simulation report to the indicated area of the template (i.e., Table 1.1). Then, add a two- to three-sentence summary specifying which underlying scenario you chose and your overall performance and approval rating.

2 Taxation Policies: In the Fiscal Policies: Taxation section of your report, discuss the taxation policies of Econland for the public and your successor. Within this section, you should add an image of Table 1 from your simulation results to the indicated area of the template (i.e., Table 2.1). Then, answer the following questions in the paragraphs below the table:

• Explain your intent for the taxation policydecisionsyou made over your seven-year term. What were the macroeconomic principles or models that influenced your decision making?
• Identify theimpactof your changes to the income and corporate tax rates. How were consumption and investment affected by your tax-policy decisions? Explain these dynamics using specific macroeconomic principles from the course reading.
• Compareand contrast the impact of your tax policy decisions with those of current or historical examples inthe United States. What do these examples demonstrate about the validity of macroeconomic models? Be sure to cite your research appropriately. (See the Supporting Materials section.)

3 Government Spending: In the Fiscal Policies: Government Expenditure section of your report, discuss government spending policies of Econland for the public and your successor. Within this section, you should add an image of the "Real GDP Growth" and "Unemployment Rate" graphs from your simulation results and use an aggregate demand and aggregate supply (AD/AS) model to the indicated area of the template (i.e., Figures 3.1 and 3.2). Images of the AD/AS model can be found in the course reading or any reputable online source. Then, answer the following questions in the paragraphs below the figures:

• Explain yourdecision-makingregarding government expenditure and how it changed based on the macroeconomic conditions. What was the intent of your fiscal policy decisions in response to the given economic climate?
• Evaluate your fiscal policy decisions, including how theyimpactedkey macroeconomics factors such as real GDP growth and unemployment. To what extent did your policies yield positive or negative outcomes?
• Refer to theAD/AS modelto support your analysis in this section of your report.

4 Monetary Policies: In the Monetary Policies section of your report, discuss the monetary policies of Econland for the public and your successor. Within this section, you should add an image of the "Inflation Rate" graph from your simulation results to the indicated area of the template (i.e., Figure 4.1). Then, answer the following questions in the paragraphs below the figure:

• Explain how you changed the interest rate levels and how these changesimpactedother macroeconomic factors such as inflation, consumption, investments, GDP, and foreign trade. Provide specific examples to help illustrate.
• Compareand contrast the impact of your monetary policies with those of current or historical examples inthe United States. What do these examples demonstrate about the validity of macroeconomic models? Be sure to cite your research appropriately. (See the Supporting Materials section.)

5 Global Context: In the Global Context section of your report, you will expand your discussion from the particular case of Econland to consider the wider global context. Analyze the impacts of openness to trade in general. Why and how are the impacts of monetary and fiscal policies different in a closed economy versus an open economy? Support your claims with specific details from the course reading.

6 Conclusions: In the Conclusions section of your report, draw your overall conclusions about the relevance and significance of macroeconomics for the public and your successor.

• Assess the effectiveness of your economic policy decisions. Did your economic policy decisions produce the anticipated results? Did your macroeconomicprinciples and modelsbehave in ways that you expected? Provide specific examples to illustrate.

Evaluate howconsumer confidencemight have impacted the outcomes of your policy decisions for the economy of Econland. Why is consumer confidence a relevant factor for making informed macroeconomic decisions?