Exam 16: Comparing the Great Recession and the COVID-19 Recession: Causes, Responses, and Effects

What are the four major components of GDP regularly tracked by the Bureau of Economic Analysis, U.S. Department of Commerce that show which segments of the economy contribute to economic change during a specific time period?

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Question 1

Correct Answer:

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Personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment.

What were the reasons the National Bureau of Economic Research declared a recession mid-way through the second quarter of 2020, much earlier than a formal declaration of a recession might be made?

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Question 2

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Unusual characteristics and dynamics of the COVID-19 Recession compared with prior recessions; unprecedented magnitude of decline in unemployment and production; and broad impact across the whole economy.

COVID-19 Recession responses in the first two quarters included legislation to reduce corporate and personal income taxes.

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(True/False)

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Question 3

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False

Generally, a return to growth in GDP signals an end to the main negative effects of a recession, as it did in the Great Recession and likely will in the COVID-19 Recession.

(True/False)

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Question 4

Which of the following is usually cited as a proximate cause of the economic collapse in the COVID-19 Recession?

(Multiple Choice)

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Question 5

Initial (first and second quarter 2020) fiscal policy actions to combat the COVID-19 Recession included which of the following?

(Multiple Choice)

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Question 6

The political situations in the Great Recession and the COVID-19 Recession were both characterized by deep partisan divides and great difficulty in getting cooperation from the Republican and Democratic parties to pass legislation and take other actions to combat the recessions.

(True/False)

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Question 7

Monetary policy tools employed in the COVID-19 Recession were pretty much the same as those employed in the Great Recession.

(True/False)

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Question 8

Decline in residential investment was a major feature of the Great Recession and also was a major economic factor early in the COVID-19 Recession.

(True/False)

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Question 9

Which of the following is the single most commonly cited unemployment statistic that signals the direction and magnitude of change in the job market?

(Multiple Choice)

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Question 10

Which of the following usually cited as a proximate cause of the economic collapse in the Great Recession (2007-2009)?

(Multiple Choice)

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Question 11

Which main economic activities were severely affected almost immediately (in a matter of weeks) in the COVID-19 Recession?

(Essay)

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Question 12

Which of the following was the initial federal response to the economic impact of the COVID-19 Recession?

(Multiple Choice)

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Question 13

Showing 1 - 13 of 13

What are the four major components of GDP regularly tracked by the Bureau of Economic Analysis, U.S. Department of Commerce that show which segments of the economy contribute to economic change during a specific time period?

What were the reasons the National Bureau of Economic Research declared a recession mid-way through the second quarter of 2020, much earlier than a formal declaration of a recession might be made?

COVID-19 Recession responses in the first two quarters included legislation to reduce corporate and personal income taxes.

Generally, a return to growth in GDP signals an end to the main negative effects of a recession, as it did in the Great Recession and likely will in the COVID-19 Recession.

Which of the following is usually cited as a proximate cause of the economic collapse in the COVID-19 Recession?

Initial (first and second quarter 2020) fiscal policy actions to combat the COVID-19 Recession included which of the following?

The political situations in the Great Recession and the COVID-19 Recession were both characterized by deep partisan divides and great difficulty in getting cooperation from the Republican and Democratic parties to pass legislation and take other actions to combat the recessions.

Monetary policy tools employed in the COVID-19 Recession were pretty much the same as those employed in the Great Recession.

Decline in residential investment was a major feature of the Great Recession and also was a major economic factor early in the COVID-19 Recession.

Which of the following is the single most commonly cited unemployment statistic that signals the direction and magnitude of change in the job market?

Which of the following usually cited as a proximate cause of the economic collapse in the Great Recession (2007-2009)?

Which main economic activities were severely affected almost immediately (in a matter of weeks) in the COVID-19 Recession?

Which of the following was the initial federal response to the economic impact of the COVID-19 Recession?

Introduction

The Public Sector in Perspective

The Government, the Economy, and Economic Development

Budget Cycles

Budgeting for Revenues: Income Taxes, Payroll Taxes, and Property Taxes

Budgeting for Revenues: Transaction-Based Revenue Sources

Budget Preparation: The Expenditure Side

Budget Preparation: The Decision Process

Budget Approval: The Role of the Legislature

Budget Approval: The US Congress

Budget Execution

Financial Management: Accounting, Reporting, and Auditing

Capital Assets: Planning and Budgeting, Analysis, and Management

Capital Finance and Debt Management

Intergovernmental Relations

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