1. Background - What happened in the economy when COVID-19 was declared a Global Pandemic in March...
Question:
1. Background - What happened in the economy when COVID-19 was declared a Global Pandemic in March 2020?
Impact on Canadian households
Impact on businesses
Impact on unemployment
Impact on the stock market
Impact on economic growth (GDP/output)
2. What happened in the economy as the world entered the Recovery Phase to avoid a major financial and economic crisis?
What action did the Canadian government execute in March 2020?
What action did the Bank of Canada execute in March 2020?
What ended up happening in the economy once the intervention was put in place? o Hint..think online retail sector, housing sector, specific companies boomed, stock market, economic growth (output/GDP)
What happened to our economy in 2022? Why did it happen? Hint...economy shifted from one stage in the business cycle to another
3. What would the Economy's Production Possibility Frontier look like in the following situations and why? Hint....think about what shifts the Economy's Production Possibility Frontier and what causes the economy to produce output inside or outside the curve.
In April 2020 - what would the Economy's Production Possibility Frontier look like?
March 2021- what would the Economy's Production Possibility Frontier look like?
October 2022- what would the Economy's Production Possibility Frontier look like?
Provide work cited page in APA
Expert Answer:
1 Background What happened in the economy when COVID19 was declared a Global Pandemic in March 2020 Impact on Canadian households Many Canadians exper... View the full answer
