What economic events enabled most countries to escape the Great Recession of 2007-2009?

A) Interest rates fell because of excess savings.
B) Wage rates declined.
C) Fiscal policy was enacted using tax cuts and/or increases in government spending.
D) Prices declineD.

Great Recession

A severe global economic downturn that began in 2007 and lasted until about 2009, marked by significant declines in the housing market, financial failures, and a surge in unemployment rates.

Fiscal Policy

A government's strategy for managing its budget through taxation and spending to influence the economy.

Tax Cuts

Reductions in the amount of taxes imposed by the government.