Read a WSJ article by clicking on the following link (U.S. Economy Contracted at Record Rote...

 

Transcribed Image Text:

Read a WSJ article by clicking on the following link (U.S. Economy Contracted at Record Rote Last Quarter Jobless Claims Rise to 1.43 Million) and answer the questions below: 1. Of the different lessons (1, 2, 3, 4, and 5) summarized in the Economic Definitions Assignment, which one(s) can you identify in the article? Support your answer with an example from the article. 2. Draw a first standard PPF graph for the U.S. economy representing the following paragraph from the article. Name the graph as USGDP (draw arrows in the graph to signal movement from one point to another if needed): U.S. gross domestic product fell at 9.5% drop compared with the prior quarter. The figures were the steepest declines in more than 70 years of record-keeping reflected the deep hit to consumer and business spending from lockdowns, social distancing and other initiatives aimed at containing the virus 3. Draw a second standard PPF graph for the U.S. economy representing the following paragraph from the article. Name the graph as USU (draw arrows in the graph to signal movement from one point to another if needed) The number of people receiving unemployment benefits increased by 867,000 to 17 million in the week ended July 18. Also, 51.1% of households experienced a loss of employment income in the week ended July 21, up from 48.3% four weeks ago. 4. Draw a third standard PPF graph for the U.S. economy representing the following paragraph from the article. Name the graph as USC (draw arrows in the graph to signal movement from one point to another if needed): Consumer spending fell at a 34.6% annual rate, amid sharp decreases in spending on services like health care, recreation and food. 5. Draw a fourth standard PPF graph for the U.S. economy representing the following paragraph from the article. Name the graph as USU (draw arrows in the graph to signal movement from one point to another if needed) Business spending on software, research and development, equipment and structures fell at a 27% annual rate 6. Draw a fifth standard PPF graph for the U.S. economy representing the following paragraph from the article. Name the graph as USU (draw arrows in the graph to signal movement from one point to another if needed Consumer confidence sank to 92.6 in July from 98.3 in June, as consumers became less optimistic about the short-term outlook for the economy and labor market Read a WSJ article by clicking on the following link (U.S. Economy Contracted at Record Rote Last Quarter Jobless Claims Rise to 1.43 Million) and answer the questions below: 1. Of the different lessons (1, 2, 3, 4, and 5) summarized in the Economic Definitions Assignment, which one(s) can you identify in the article? Support your answer with an example from the article. 2. Draw a first standard PPF graph for the U.S. economy representing the following paragraph from the article. Name the graph as USGDP (draw arrows in the graph to signal movement from one point to another if needed): U.S. gross domestic product fell at 9.5% drop compared with the prior quarter. The figures were the steepest declines in more than 70 years of record-keeping reflected the deep hit to consumer and business spending from lockdowns, social distancing and other initiatives aimed at containing the virus 3. Draw a second standard PPF graph for the U.S. economy representing the following paragraph from the article. Name the graph as USU (draw arrows in the graph to signal movement from one point to another if needed) The number of people receiving unemployment benefits increased by 867,000 to 17 million in the week ended July 18. Also, 51.1% of households experienced a loss of employment income in the week ended July 21, up from 48.3% four weeks ago. 4. Draw a third standard PPF graph for the U.S. economy representing the following paragraph from the article. Name the graph as USC (draw arrows in the graph to signal movement from one point to another if needed): Consumer spending fell at a 34.6% annual rate, amid sharp decreases in spending on services like health care, recreation and food. 5. Draw a fourth standard PPF graph for the U.S. economy representing the following paragraph from the article. Name the graph as USU (draw arrows in the graph to signal movement from one point to another if needed) Business spending on software, research and development, equipment and structures fell at a 27% annual rate 6. Draw a fifth standard PPF graph for the U.S. economy representing the following paragraph from the article. Name the graph as USU (draw arrows in the graph to signal movement from one point to another if needed Consumer confidence sank to 92.6 in July from 98.3 in June, as consumers became less optimistic about the short-term outlook for the economy and labor market