1. According to the Keynesian school, how should policy makers respond to a fall in aggregate demand? Briefly explain why (2 marks)
2. According to the Monetarist school, how should policy makers respond to a fall in aggregate demand? Briefly explain why (2 marks)
3. When faced with the 2020 COVID-19 crisis, policy makers around the world responded with a blended policy which followed the recommendations of both schools of thought. Briefly explain why they would have done this (1 mark