【每日一练】CFA 一级（2015年）

Question：

An expansionary fiscal policy is most likely associated with: 
A. an increase in capital gains tax rates. 
B. crowding out of private investments. 
C. an increase in government spending on social insurance and benefits. 
 

Answer = B 
Expansionary policy increases government borrowing, which may divert private sector investment from taking place (resulting in an effect known as crowding out). A rise in capital gain tax rates is a form of contractionary fiscal policy. Rises in government spending on social insurance and benefits is a form of automatic stabilizer and not due to discretionary fiscal expansion.

CFA Level I
“Monetary and Fiscal Policy,” Andrew Clare and Stephen Thomas
Sections 3.1.1, 3.1.2, 3.1.309

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