Weekly initial claims for unemployment in April 2020 were ________ those experienced during the Great Recession. Multiple Choice the same as lower than approximately 5–10 times twice The global nature of the supply chain ________ the economic impact of COVID-19. Multiple Choice dampened eliminated magnified The ________ was the first to see dramatic economic consequences from COVID-19. Multiple Choice grocery business airline industry rental housing business higher education system The ________ for PPE and hand sanitizer ________ as a result of COVID-19. Multiple Choice supply; decreased demand; increased demand; decreased supply; increased The Families First Act’s primary focus was on Multiple Choice stimulus checks. unemployment compensation. funding regular operations of government. paid leave for those who were ill or caring for someone who was ill with COVID-19. The unemployment rate in the United States prior to March 2020 was Multiple Choice at a 50-year low. rising rather rapidly. about average (post–World War II). lower than it had ever been. Resources were reallocated toward the production of hand sanitizer in that Multiple Choice the military (through the Defense Production Act) was deployed. melt-blown fabric makers were asked to produce it. distilleries began to make it. Ford and GM (through the Defense Production Act) were compelled to make it. Relative to the Obama-era stimulus package for the Great Recession, the combined size of the COVID-19 stimulus was Multiple Choice slightly greater in inflation-adjusted terms. greater in nominal terms but not in inflation-adjusted terms. several times greater. smaller. The monetary and fiscal policy actions taken in response to COVID-19 were primarily designed to Multiple Choice increase aggregate demand. decrease aggregate demand. increase aggregate supply. decrease aggregate supply. The Defense Production Act allows the president to compel private companies to produce needed goods in a national emergency. President Trump invoked it in response to COVID-19 to force ________ to make ________. Multiple Choice 3M; melt-blown fabric Gilead Sciences; hydroxychloroquine Clorox; bleach Ford and GM; ventilators Exports and imports ________ as an immediate result of COVID-19. Multiple Choice both declined both increased diverged (with exports rising and imports falling) diverged (with imports rising and exports falling) When a BLS unemployment survey participant describes themselves as “employed but away from work” when they are really unemployed, this ________ the unemployment rate. Multiple Choice understates overstates has no impact on Goods imported from Chinese manufacturers are generally ________. This is called the ________. Multiple Choice made from components manufactured in many places singular supply source made from components manufactured in many places global supply chain made in one location singular supply source made in one location; global supply chain As the economic impact of COVID-19 became apparent, Multiple Choice The Federal Reserve did little and left policy responses to Congress and President Trump. Congress and President Trump did little and left policy responses to the Federal Reserve. Monetary and fiscal policy actions of unprecedented scale and rapidity were needed but both the Federal Reserve and Congress chose to wait. Monetary and fiscal policy actions of unprecedented scale and rapidity were engaged. One of the issues brought to light by COVID-19 was the degree to which the global supply chain makes Apple dependent on Multiple Choice European subsidies. its own component part suppliers throughout China. cargo ships to transport its goods. Chinese buyers. The magnitude of combined fiscal and monetary policy was the greatest (relative to GDP) in Multiple Choice Germany. the United Kingdom. the United States. Greece. The CARES Act treatment of unemployment claims was different from that of typical recessions because Multiple Choice The replacement rate (typically established by states) was made uniform across the country. There was a $600 per week federal supplement and coverage was extended to gig workers and the self-employed. The caps on unemployment checks were eliminated. The system was entirely taken over by the federal government. Many retailers did not increase their prices of some goods (toilet paper and cleaning materials) in response to a COVID-19 related dramatic increase in demand. Instead they Multiple Choice Raised the prices of other goods. Refused to stock those goods. Instituted per-customer quantity limits. Closed their stores.

What is the GDP using the information shown? In billions of dollars Consumption 5,100 Investment 1,100 Transfer payments 1,050 Government Purchases 1,400 Exports 850 Imports 950 Net foreign factor income 20 #MacroeconomicsHelp #Macroeconomics #Techniques

Microeconomics Help What is the change in producer surplus if the price rises from $2 to $3 per unit #MicroeconomicsHelp #MacroeconomicsHelp #Techniques #ProducerSurplus

Microeconomics Help: Figure: Good X: At a price of $200, consumer surplus is $: #MicroeconomicsHelp #ConsumerSurplus #Surplus #Economics101

Microeconomics Help: The supply curve for rice is as follows: Price (Per 100-pound bag) vs quantity #SupplyCurve #DemandCurve #Microeconomics #Macroeconomics

Microeconomics Help: The accompanying graph shows the global price of crude oil using several series #MicroeconomicsHelp #Microeconomics #SupplyCurve #DemandCurve

Microeconomics Help: Consider the supply and demand tables for milk. Draw the supply and demand #Microeconomics #Macroeconomics #Economics #Economics101 #DemandCurve #SupplyCurve