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The Covid-19 pandemic started in March of 2020 . It's been 2 years since the world changed dramatically in all senses. On top of more than 6 million deaths due to the novel coronavirus, economies suffered and have been suffering a great deal with the ongoing pandemic. When the pandemic first hit the economy, the U.S. government took steps to deal with the economic crisis enacting the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") in 2020, which included resources for small and large businesses, as well as expansion of unemployment benefits, and significant direct payments to low and middle income families. Based on what you learned in the class, answer the following: 1. Is the CARES Act a Monetary or a Fiscal Policy? Explain why. 2. Is this policy an expansionary or a contractionary one? Justify your answer explaining why it'd be an expansionary or a contractionary policy. 3. What was the expected impact of this policy in the economy? Explain using the AD/AS model