COVID-19 is having a significant economic impact on countries around the world forcing National and State governments to implement quarantine lockdowns.

(a) Explain the likely effect of easing the quarantine lockdowns 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, is to reintroduce the Dine and Entertainment Voucher Scheme to support small business operators.

(i) Explain how the reintroduction of this program in October 2021 may affect the standard of living in Australia.

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