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Fiscal Policy Trinidad

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Recommended: Distinguished features of perfect competition Monopoly and monopolistic competition

I. Fiscal Policy is the federal government’s effort to keep the economy stable by increasing or decreasing taxes or government spending and Monetary Policy is the managing of cash supply and interest rates by the Federal Reserve Bank. In Trinidad, the recent government has issued an increase in VAT in order to stabilize the economy, which would increase the money flow in the economy, but an undesirable effect to increasing taxes, is that people may think twice about purchasing certain goods so as to not spend too much. II. The Production Possibility Frontier (PPF) is a curve representing an economy’s production capacity for two or more goods from its given resources. The PPF assumes that all inputs are used efficiently. Graph I showing …show more content…

Because, given the same amount of input resources, one can produce more of either good, this occurs at point A. Point B gives an example of an efficient output. This is because we are on the PPF; one cannot make more of one good without giving up some of the other good. The outside of the PPF is the unattainable point. This is because the PPF shows the maximum one can produce, and producing beyond this isn’t possible given the current amount of resources. The unattainable point is shown at point C. III. The four kinds of competition that exists in a free market economy are: (1) Perfect refers to a market structure in which there are several firms in the industry each selling similar (homogeneous) products; there are several farmers selling identical products to the markets, and many buyers. It is easy to compare prices, therefore, agricultural markets often get close to perfect competition and (2) Monopolistic Competition is a market structure in which there are a quite large number of producers offering slightly differentiated products. Examples of monopolistic competitive firms in Trinidad are restaurant businesses, such as Ruby Tuesday’s; which offers a wide variety of delicious foods such as burgers, steak, pasta etc. and Buzo; which is an Italian restaurant, hotels, such as Hilton, Cascade and Hyatt and consumer services such as

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