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1. What is fiscal policy? 2. Who is responsible for fiscal policy? 3. What is the difference between fiscal policy and monetary policy? 4. What

1. What is fiscal policy?

2. Who is responsible for fiscal policy?

3. What is the difference between fiscal policy and monetary policy?

4. What is the difference between federal purchases and federal expenditures?

5. Are federal purchases higher today as a percentage of GDP than in 1960?

Please answer each question individually and provide all references.

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