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Question 1 

Is the article discussing a microeconomic issue or a macroeconomic issue? Justify your answer?

 

Question 2

Treasurer Josh Frydenberg said "'Australians will spend that money and that money will encourage economic activity." Which Gross Domestic Product (GDP) components will be affected by such cash spending by Australians and how they will be counted towards the nation's GDP?


Question 3

It is mentioned in the article that ".... coronavirus pushes Australia towards recession". What does "recession" mean, and what will be the consequences of it on Australians?


Question 4

What category of unemployment is Australia going to experience during a recession? Discuss some potential economic and social consequences of unemployment on Australians.

Screen Shot 2020-06-17 at 3.15.11 pm.png
Australian battlers and pensioners to receive $750 bonuses as Scott Morrison unveils $23 billion
COVID-19 package
A quarter of Australians will be given $750 as part of Scott Morrison's $23 billion bid to prevent a recession
as coronavirus rocks the economy. The cash will be handed out to 6.5 million pensioners and people on
benefits, including parents who get tax breaks. The payments totaling $4.8 billion will be begin on 31
March and will be transferred automatically through the tax system.
'Australians will spend that money and that money will encourage economic activity,' Treasurer Josh
Frydenberg said.
The measure is part of a huge stimulus plan - the first of its kind since the 2008 financial crash - to save
thousands of jobs and companies as coronavirus pushes Australia towards recession.
Source: An abridged version of the article is extracted from: https://www.dailymail.co.uk/news/article-
8102511/Coronavirus-Scott-Morrison-unveils-23billion-stimulus-package.html, published on Thursday,
Mar 12th 2020

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Subject: Business, Economics

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