Hot Topic Pandemic

A law that prevents prices from increasing because of an emergency serves as a ________ and is meant to prevent ________. The result, however, creates a ________.

price ceiling; price gouging; shortage

The Federal Reserve's approach to COVID-19's economic consequences was

even more bold and rapid than its response to the Great Recession.

The fiscal policy actions in response to COVID-19 were

even more bold and rapid than they were for the Great Recession.

If you have data for April 1 and June 1 and want to estimate the May 1 figure, you use ________, while if you want to estimate the July 1 figure you use ________.

interpolation; extrapolation

COVID-19 exposed

the problems of international trade when it is focused only on comparative advantage.

Which form of data was among the earliest available in 2020 regarding the economic impact of COVID-19?

the unemployment claims filed in March

Which is the most widespread designation for a disease?

Pandemic

Based on the death statistics regarding age and sex, which person is at the highest risk of COVID-19-related death?

Based on the death statistics regarding age and sex, which person is at the highest risk of COVID-19-related death?

In terms of the economic consequences of pandemics,

COVID-19 had a much greater impact than that of any previous one.

The unemployment rate in February 2020 was ________, while in April it was ________.

at a 50-year low; between that recorded in the Great Recession and the Great Depression

Which item is the best example of a purely public good?

basic research

If a disease infects someone and it cannot be traced to the source of contact, it is considered

community spread.

In late February and early March, the stock market

declined and became more volatile.

The response of international investors to COVID-19 caused the U.S. dollar to ________ and interest rates on U.S. Treasuries to ________.

strengthen; fall

Homemade hand sanitizer (made from aloe and rubbing alcohol) serves as a(n) ________ to commercial hand sanitizer, while the aloe and alcohol are ________.

substitute; complements

Regarding COVID-19, the country with the most cases through July 1, 2020 was ________, while the country with the highest infection rate relative to its population was ________.

the United States; also the United States