19. Using a separate AS-AD diagrams for each part, illustrate the following: 20. 21. 22 23. 24. 25. A) Aggressive open market purchases assuming the economy is initially in a recessionary gap. B) Same question but assume the economy is initially at potential output. C) Aggressively lowering the Federal Funds rate assuming the economy is initially at potential output. D) Aggressively raising the Federal Funds rate assuming the economy is initially in an inationary gap. A) Draw a graph (or copy and paste the actual graph as illustrated in Lecture 1 1B.) that illustrates the trend of the Fed' s balance sheet over the past 20 years. B) How would you describe the Federal Reserve response to the COVID pandemic from March 2020 through February 2022? C) What was the U.S. ination rate as of February 2020, February 2021, and February 2022? D) Do you think there is a connection between your answer to parts (B) and (C). A) Using the AS_AD model illustrate the COVID 19 recessionary gap assuming it was caused by a \"supply shock.\" B) Using the AS_AD model illustrate the COVlD 19 recessionary gap assuming it was caused by a \"demand shock.\" List the three primary scal-response bills to the COVlD Pandemic, including the approximate size, monthfyear passed, and central components. How were these spending bills nanced? Relative to annual federal tax revenue, what is the size of these three bills combined? A) How would you describe the Federal Government scal response to the COVID pandemic from March 2020 through March 2021? B) In terms of closing the recessionary gap, do you think $1.9 trillion ARP spending bill was necessary? Why of why not