Fiscal Policy & COVID-19

Fiscal Policy

100

What are the two types of fiscal policy?

Expansionary and Contractionary

200

What is one goal of fiscal policy?

a) promote economic growth

b) reduce unemployment

c) control inflation

d) stabilize the economy during recession

300

Which fiscal policy helps slow down the economy and which helps speed it up?

Expansionary- speed up

Contractionary- slow down

400

What is the first step of fiscal policy being put into action?

The president proposing a federal budget

COVID-19

100

Why did the government start using fiscal policies during covid? (Hint: they were trying to avoid an...)

Economic collapse

200

What percentage of unemployment was reached in April of 2020 during COVID?

a) 14.8%

b) 65.4%

c) 15.2%

d) 14.4%

a) 14.8%

300

What was one way the 2008 Recession was similar to COVID?

Both events led to job losses 

400

Even though spending crashed, what was the record % of income for Americans due to the Stimulus Checks/Unemployment Checks?

a) 14.8%

b) 10.5%

c) 8.7%

d) 5%

b) 10.5%

CARES Act

100

When was the CARES Act passed?

March of 2020

200

How much was the first COVID-19 stimulus check sent to eligible American adults in 2020?

a) $500

b) $1200

c) $2000

d) $1400

b) $1200

300

What was the Paycheck Protection Program?

Provided small businesses with forgivable loans so everyone could stay employed

400

How much money did the CARES Act bring in?

a) $5 trillion

b) $60.9 billion

c) $16.4 billion

d) $2.2 trillion

d) $2.2 Trillion

Countries

100

What were the other four countries talked about in the presentation?

Germany, France, Hungary, and China

200

What are the two main fiscal policy tools in the United States?

Food stamps and stimulus checks

300

Did Germany or France have the higher GDP percentage in liquidity and guarantees? (Extra 200 if you get the highest percentage!)

Germany- 27%

400

What was France and Germany's main approaches?

Employees were paid wages

Other

100

What is the longer/official name of COVID?

Coronavirus

200

When talking about what we learned from them, what two past crises did we talk about?

The Great Depression and the 2008 Recession

300

Which type of workers took the largest loss in their employment during the pandemic?

Service & restaurant workers

400

How much money did the Paycheck Protection Program send out in total?

a) 9 billion

b) 67 million 

c) 5 trillion

d) 2.5 trillion 

c) 5 trillion