Country X is facing the economic impacts of both COVID-19 and low oil prices for its oil exports. Use the relevant economic theories and concepts in ECON 248 .

How is COVID-19 expected to affect the aggregate demand of Country X? Assuming that other factors remain constant, what can be expected to happen to the country's equilibrium price level and income?

How is the fall in global oil demand expected to affect the aggregate demand of Country X? Assuming that other factors remain constant, what can be expected to happen to the country's equilibrium price level and income?

How is COVID-19 expected to affect the aggregate supply of Country X? Assuming that other factors remain constant, what can be expected to happen to the country's equilibrium price level and income?

Use the AD-AS diagram (model) to show the net effects of COVID-19 on equilibrium price level and income in Country X.

What fiscal policy would you recommend to help minimize the economic effects of COVID-19? Use the AD-AS diagram to illustrate how your policy recommendations could be expected to affect the net effect of COVID-19 as you outlined for Question 4 above.