1.Before the establishment of the Federal Reserve, the financial system operated under the Gold standard, and consequently, there was very limited government intervention in case of a recession or economic disruption. Please elaborate on how, in the case of the financial system operating under the Gold Standard, the 2020 economic disruption would affect the US economy. Please provide specific examples of industries and their impact on the size of the GDP decline and the subsequent recovery.

2. Please state the two major responsibilities of the Federal Reserve. Which responsibility the Dual Mandate of the Fed fits in and what is the concept/trade-off about? According to the evidence in 2020 and 2021, does the Fed focus on both of these elements of this trade-off in a balanced way or is more focused on just of the elements of the trade-off? Why you think so?