COVID-19 has impacted the global economy, spreading across nations with alarming speed, infecting millions. According to Statista, India saw an unemployment rate of 6 percent in January 2021, higher than the pre-pandemic level. Unemployment rate had gone up to nearly 24 percent in April 2020. This was possibly a result of a decrease in demand as well as the disruption of workforce faced by companies. Despite a modest recovery, the economy is still far-off the pre-pandemic level. Given this scenario, which of the following might happen? Consumer spending on luxury goods will increase. Consumer spending for food will increase. Government expenditure will increase. Investment for pharmaceutical products might increase. O O O

COVID-19 has impacted the global economy, spreading across nations with alarming speed, infecting millions. According to Statista, India saw an unemployment rate of 6 percent in January 2021, higher than the pre-pandemic level. Unemployment rate had gone up to nearly 24 percent in April 2020. This was possibly a result of a decrease in demand as well as the disruption of workforce faced by companies. Despite a modest recovery, the economy is still far-off the pre-pandemic level. Given this scenario, which of the following might happen? Consumer spending on luxury goods will increase. Consumer spending for food will increase. Government expenditure will increase. Investment for pharmaceutical products might increase. O O O

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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