COVID-19 had a significant economic impact on countries around the world and forced National and State governments to implement COVID-19 restrictions and border controls.

(a) Explain the likely effect of easing COVID-19 restrictions and border controls on the standard of living in Australia.

(b) Part of the NSW government's policy response to reduce the economic impact of COVID-19 lockdowns, was to introduce a Parents NSW Vouchers program.

(i) Explain how the voucher program which functioned until October 2022 may have affected the standard of living in Australia.

(ii) Assess the introduction of the Parents NSW Voucher Scheme in terms of Pareto efficiency and fairness? Explain your answer.

give all answer with explanation