Gross domestic product In the third quarter of 2020, the GDPn recovered 13.5% after the extraordinary downturn that led to ann overall decline of 16% in the second quarter. As a result, althoughn quarterly output was still at levels last seen in 2016, it was onn track to do better than most forecasts. The biggest risk to then recovery in the short run remains a second wave of COVID-19 as an result of socialising and travel over the holiday season.n Hospitality services Restaurants, hotels, bars and entertainmentn venues pose a high risk of contagion while COVID-19 is endemic andn only a small fraction of the population has been vaccinated -n businesses have had to face plummeting demand and public-healthn restrictions. Since the industry is relatively labour intensive,n there has been disproportionate damage to jobs and emergingn enterprises. Government can do more to ensure relief packages ton hospitality businesses and their workers, who often work on an freelance or part-time basis. Simply delaying restrictions whenn infections surge, is not a solution. This would prolong COVID19n waves and endanger economic and societal recovery.

n

Explain why the trends in the extract are justified.

Transcribed Image Text:

The following table displays the detail of property, plant, and equipment, which are stated at cost: At December 31, Land Furniture, vehicles and other Buildings and equipment Central office and other network equipment 3-50 Cable, poles and conduit Leasehold improvements Work in progress Less accumulated depreciation Lives (years) 2017 Total 7-45 7-50 5-20 3-20 $ 806 28,914 145,093 2016 $ 667 27,117 136,737 47,972 45,639 8,394 6,139 9,180 7,627 5,710 8,718 246,498 232,215 157,930 147,464 $ 88,568 $ 84,751 What characteristics do these assets possess that allow Verizon to classify them as property, plant, and equipment? The following table displays the detail of property, plant, and equipment, which are stated at cost: At December 31, Land Furniture, vehicles and other Buildings and equipment Central office and other network equipment 3-50 Cable, poles and conduit Leasehold improvements Work in progress Less accumulated depreciation Lives (years) 2017 Total 7-45 7-50 5-20 3-20 $ 806 28,914 145,093 2016 $ 667 27,117 136,737 47,972 45,639 8,394 6,139 9,180 7,627 5,710 8,718 246,498 232,215 157,930 147,464 $ 88,568 $ 84,751 What characteristics do these assets possess that allow Verizon to classify them as property, plant, and equipment?

Answer rating: 100% (QA)

Solution GDP during pandemic times dipped because of severe restrictions like lockdowns whic... View the full answer