In macroeconomics, the game theory focuses on the strategic interactions between which of the following groups of agents?

a. Individuals, firms, and policymakers.

b. Academic economists and business economists.

c. Individuals, firms, and economic forecasters.

d. Individuals and firms.

e. Policymakers and economic forecasters.

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Divya SinghLv10

28 Sep 2019

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Studies indicate that the changes in fiscal and monetary policy affect the 3 economic agents in the economy (households, firms, and government).

How do the changes in monetary and fiscal policy instruments affect you personally or work-wise?

Policymakers who want to stabilize the economy must decide how much to change the money supply, government spending, or taxes. Why is it difficult for policymakers to choose the appropriate strength of their actions?

Which method do you think is better in the long-run? Why?

Some economists and policymakers argue in favor of replacing the current income tax in the USA with a consumption tax. What are your opinions on the issue?

How do think such change impacts your income and expenditure pattern?

Which tax method do you prefer - income tax or consumption tax? Why?

What are the pros and cons of the two tax methods?