In 2007 and 2008,Canada Was Affected by the Global Financial

question 108

Multiple Choice

In 2007 and 2008,Canada was affected by the global financial crisis that had begun with the U.S.housing collapse.By early 2009,the Canadian economy was in a recession with Y < Y*.What economic policies were implemented to close the output gap?

• A)expansionary monetary policy
• B)expansionary fiscal policy
• C)contractionary monetary policy and contractionary fiscal policy
• D)contractionary monetary policy and expansionary fiscal policy
• E)expansionary monetary policy and expansionary fiscal policy

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Definitions:

Racketeer Influenced

Pertains to activities or operations that are influenced or controlled by individuals involved in organized crime, often leading to illegal business practices.

White-Collar Crime

Non-violent crime committed by individuals or corporations in the course of their professional lives, often involving fraud or theft.

RICO Act

The Racketeer Influenced and Corrupt Organizations Act, a federal law designed to combat organized crime in the United States by enabling extended penalties for acts performed as part of a criminal organization.

Probable Cause

A reasonable basis for believing that a crime may have been committed, necessary for certain legal actions like search warrants.