1.Define the long-run aggregate supply curve? Is there any relationship between the production-possibilities (p-p) curve

and its long-run aggregate supply curve (LRAS)? Explain any differences. (8 Marks)

2.What are the main factors that can cause the p-p curve to shift? Do these factors also cause the LRAS to shift?

Has Covid-19 caused Canada's LRAS curve to shift? Explain. (12 Marks)

3.a. Regarding the GDP, provide an example of how double-accounting might occur.

How can double-accounting be avoided? (5 Marks)

Explain how price indexes are used to deflate and inflate the GDP.

Why? (5 Marks)