Describe the characteristics of fiscal policy from 2009 to 2012. Was it expansionary or contraction?
What will be an ideal response?
After the recession officially ended in 2009 the economy did not rebound as many economists had expected. Unemployment rained high and tax collections low. As a result fiscal policy remained expansionary. Cyclically adjusted budget deficits were -5.7, -5.6, and -4.3 percent of GDP, respectively, in the years 2010, 2011, and 2012. Fiscal policy has be slowing diminishing, but is still above pre-recession levels.
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a. True b. False
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a. True b. False
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