Homework: Article Reflection
Read the article "Jobless Claims Fall Sharply to 684,000, 4Q GDP Revised Upward" by Tim Smart.
• In a word document or a pdf file, submit the following:
• A detailed summary of the article (5-6 sentences ONLY).
• Using the information provided in the article, identify the current state of the US economy on a business cycle diagram. Identify whether the US economy is at a peak, trough, recession, or expansion. Explain your answer using the concepts we learned in Chapters 9, 11, and 17.
• Read the following quote and answer questions about it:
"Both reports come on the one-year anniversary of the passage of the CARES Act, the first of three coronavirus relief packages passed by Congress, the latest of which is now sending $1,400 checks to Americans. All told, about $5 trillion in fiscal stimulus has been added to the U.S. economy in the past 12 months as well..."
o What type of policy are the CARES Act and relief packages passed by Congress? What is the goal of these policies? Explain in detail using concepts learned in Chapters 21 to 23.
o Using aggregate demand and aggregate supply diagrams, show the before and after effects of COVID-19, and the effect of the stimulus packages on the US economy. In a paragraph, explain why the curve(s) shifted.
Answer the following questions:
• Let's say Congress asked you for help. What other policy would you suggest to get the US economy back or close to its full-employment level (besides what is already mentioned in this homework)? Explain in detail using the concepts we learned this semester.
Format your homework according to the following formatting requirements:
o The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
o The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
o Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.