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As a result of the COVID virus and the economic shutdown, there was a decrease in Aggregate Demand (AD) and a decrease in Aggregate Supply
As a result of the COVID virus and the economic shutdown, there was a decrease in Aggregate Demand (AD) and a decrease in Aggregate Supply (AS).
- What was the short run impact on real GDP? That is, what happened to theshort run equilibrium real GDP(Y)?
- Based on real GDP, what happened tounemployment?
- To help alleviate some of the economic issues caused by COVID, Congress passed an economic relief package of over $2 trillion which provided monetary aid to families and businesses.Using the AD-AS (aggregate demand and aggregate supply) model,which curvedid the relief package shift and inwhich direction?
- In the long run equilibrium, what happens to thelong run price level?
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Microeconomics An Intuitive Approach with Calculus
Authors: Thomas Nechyba
1st edition
978-0538453257
