1.In this question, we are going to use the AS-AD model that you have learned in to analyze the impacts of the COVID-19 pandemic on the economy of the US and then test the predictions of the model by real data.

a.By using the AS-AD model show the impacts of the pandemic on the economy of the US on GDP, price level, and unemployment rates in the short-run. Explain your answer.

b.Visit the Website of the Bureau of Economic Analysis. Under section 1, by using "Table 1.1.1. Percent Change From Preceding Period in Real Gross Domestic Product": https://apps.bea.gov/iTable/iTable.cfm?reqid=19&step=2#reqid=19&step=2&isuri=1&1921=survey

Answer the following question:

Does the real data support your results in part a? You need to provide data for GDP, Consumer spending, and investment. Note, you can use the "Chart" feature in the website and download graphs.

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