Question: Using the Fred economic database (https:// fred.stlouisfed.org/), create a series showing federal expenditures as a share of GDP. First find Federal Government current expenditures. Then

Using the Fred economic database (https://

fred.stlouisfed.org/), create a series showing federal expenditures as a share of GDP. First find Federal Government current expenditures.

Then Edit Graph and, under Customize Data, add Gross Domestic Product (since expenditures are in billions, look for GDP in billions, not real GDP). After adding GDP, go down to the Formula field and use a/b*100.

a. Approximately how much of GDP was spent by the Federal Government in 20167

b. In the 2008-2009 recession what happened to Federal spending as a share of GDP? Give two reasons why?

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