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Provide an argument that justifies the 'COVID-shock' as a 'demand' shock. Provide an argument that justifies the 'COVID-shock' as a 'supply' shock Suppose that you

Provide an argument that justifies the 'COVID-shock' as a 'demand' shock.

Provide an argument that justifies the 'COVID-shock' as a 'supply' shock

Suppose that you have data available on aggregate output (also referred to as the Gross Domestic Product (GDP)) and 1 the aggregate price level, P, for the months following the COVID shock. What association between these two might reveal that the COVID-shock is a predominantly a demand shock or predominantly a supply shock?

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