1. (7 points) With respect to the scale of the fisca1 stimu1us in response to the pandemic shock in 2020, what was the change in the federa1 deficit as percent of GDP in percentage points, comparing 2019 versus 2020? How did this fiscal stimu1us compare with the previous recession in 2007-2009. By how much did the Fed cut the federa1 funds rate in March 2020, and what was the scale of Pandemic related quantitative easing (QE) February 2020 to March 2022? What was the impact of these fisca1 and monetary QE measures on the dynamic aggregate demand curve (DAD curve), employment and inflation