Macroeconomics Homework: Pandemic: Weekly initial claims for unemployment in April 2020 were

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.