Question: 4. ( /15 Points) Fiscal Policy a. Explain the difference between expansionary and contractionary fiscal policies. Explain their goals and give specific examples. ( _/10)

expansionary and contractionary fiscal policies. Explain their goals and give specific examples.

4. ( /15 Points) Fiscal Policy a. Explain the difference between expansionary and contractionary fiscal policies. Explain their goals and give specific examples. ( _/10) b. To support your answer in part a, draw a recessionary gap and an inflationary gap. Draw and explain how fiscal policy is used to close the gaps using accurate numbers. ( /5)

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