In early 2009, the president and Congress initiated a major fiscal policy action, the American Recovery and Reinvestment Act (ARRA). Yet real GDP was…

 In early 2009, the president and Congress initiated a major fiscal policy action, the American Recovery and Reinvestment Act (ARRA). Yet real GDP was lower in 2009 than it was in 2008. Which statement would most economists agree with?  A) Contractionary policy by the Fed was offsetting the fiscal stimulus of the ARRA in 2009. B) Although GDP declined in 2009, it likely would have declined by more were it not for the ARRA. C) No additional spending or tax cuts actually occurred until after 2009, so it is not surprising that there was no positive effect on GDP. D) The fact that GDP declined in 2009 indicates that the fiscal multipliers were zero or negative in 2009. 

why b not b?challenge

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