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The following questions asks you to examine the effects of the COVID pandemic on the Canadian economy. In here, we assume Canada is a closed economy and initially in its long-run equilibrium. Each part of the question is NOT related to other parts of the question. a) b) Suppose the economy was initially in steady state but the pandemic results in thousands of adults dying. Explain in words and with the aid of one Solow model diagram what the impact of this shock is on the economy in the long-run equilibrium and in steady state. Explain what happens during the very long-run transition to the new steady state. m You should assume that the pandemic does not change the saving rate, population growth rate, rate of capital depreciation, rate of technological change or the production function. (10 points) Suppose the economy was initially in steady state but the pandemic results in thousands of adults dying and many of those that survive experience lasting medical side-effects. These survivors nd that their effectiveness of labour is permanently lowered. Explain in words and with the aid of one Solow model diagram what the impact of this shock is on the economy in the long-run equilibrium and in steady state. Explain what happens during the very long-run transition to the new steady state. m You should assume that the pandemic does not change the saving rate, population growth rate, rate of capital depreciation, or the rate of technological change. (10 points) Suppose the government estimates that in the coming decades Canada will experience a capital stock that grows at 5% per year, population & labour force growth rate of 1.3% per year (half of which comes from immigration), total factor productivity grows at 1.1% per year and capital earns 30% of GDP as income. As a result, determine the very long-run grow rates of real GDP and real GDP per capita. Suppose the government wants to speed up the grth rate of the standard of living as measured by the real GDP per capita, what change to the country's immigration policy should they implement? Explain why this works (or would not work). (5 points)