Part I. National Output (GDP):

Consider whether each of the following events is likely to affect national output (or GDP) in the US. The event is going increase or decrease GDP? And how it affects the US GDP?

a. Due to the pandemics of Covid-19, many cities had to lock down. Firms throughout the economy experience falling demand, causing them to lay off workers.

b. The invention of a new, easy-to-grow breed of soybean increases farm harvests in Arkansas.

c. Increased hostility between teacher unions and schools sparks a rash of strikes in New York.

d. A hurricane in California forces Disney Land and Hollywood to shut down for a month.

e. One new progress of information and communication technology (ICT) improved productivity of healthcare workers.