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Economic Conditions

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Topic: Economic Conditions

Sort Desciption: Economic Conditions. R E A D I N G 1. Global Agenda: Counting the Cost 11 September 2002 in. Economist.com (www.economist.com/). ...

Content Inside: 20 4 Economic Conditions R E A D I N G 1 Global Agenda: Counting the Cost 11 September 2002 in Economist.com (www.economist.com/). - - Discussion of Reading 1 - - - - - - - - - - - - - - - - - - - - - - - 1. Describe the global economic mood on September 10 2001. (It was gloomy. Stockmarkets around the world fell sharply that day.) 2. What was the unanimous opinion of economists in the initial af- termath of the terrorist attacks? (They believed that the events in New York and Washington delivered an enormous blow to confidence.) 3. In 2002 what did many people blame al-Qaeda for? (They blamed al-Qaeda for sluggish recovery in America slow or non- existent growth in many parts of the world for the prolonged global bear market and even for Americas ballooning budget deficit.) 4. Which types of economic activity were the most badly affected by the terrorist attacks and were the slowest to recover? (Air travel and insurance companies were the most badly affected and slow- est to recover.) Chapter 4 21 5. Which economic sectors recovered more quickly than expected? (Retail sales car sales industrial production home sales and consumer purchases recovered more quickly than expected.) 6. What was the pattern of growth in the United States in 2002? (In the first quarter the annual growth rate was an impressive 5 per- cent. Then growth slowed share prices fell and consumer confi- dence was wavering. There was a burgeoning budget deficit.) 7. How did the impact on economic confidence caused by the corpo- rate scandals compare to the effects of the terrorist attacks? (The stream of corporate scandals probably had a larger impact than the terrorist attacks of 9/11.) 8. What were the primary causes of the fiscal deterioration in the United States in 2002? (It was caused by the tax cut introduced by Bush in summer 2001 the recession that started in early 2001 and a sharp drop in government revenues.) 9. What is the authors conclusion about the impact o ...

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