In each scenario below, use the ECONOMIC INDICATORS to determine whether the aggregate economy is in a RECESSIONARY GAP, an INFLATIONARY GAP, or at LONG-RUN EQUILIBRIUM. Then, list whether the EXPANSIONARY or CONTRACTIONARY policy is appropriate to fix the economy, or if NO POLICY is needed. Lastly, EXPLAIN why that course of action is appropriate. THE AMERICAN ECONOMY IS EXPERIENCING AN UNEMPLOYMENT RATE OF 8.9%. FISCAL PolicyUSINGWHAT CONDITION IS THE ECONOMY IN? LIST THE FISCAL POLICY NEEDED (IF ANY) AND EXPLAIN WHY IT IS APPROPRIATE!