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Can someone distinguish the two  and give an example where they are economically applied 

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answered by LEGEND (6,391 points) 5 10 21
Contractional fiscal policy involves increasing taxes and decreasing government policy expenditure or both in order to fight inflationary pressures.Its accompanied by contractional monetray policies such as increasing interest rates and decreasing money supply in the money market thus access to money becomes difficult.

Expansionary involves decreasing taxes and increasing government expenditure or both in order to fight recessionary pressures.It is accompanied by expansionary boost monetary policies like reducing interest rate and increasing money supply in the market thus making access to money easier.

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