Q2: The pandemic and the war in Ukraine have impacted the economies of many countries in 2022.

a/ Select either Sri Lanka or Turkey as a choice and explain, with the help of examples, how its economy has been Impacted by the above 2 events.

b/ Explain the difference between inflation, hyper-inflation and stagflation.

c/ In your view, what sort of inflation is Turkey or Sri Lanka ( Use one country) experiencing as a result of the pandemic and the war in Ukraine. Please provide examples and refer to some economic theories to support your analysis and conclusion.

d/ If you were the economic advisor to either Sri Lanka or Turkey ( Use one country), what recommendations and actions would you advise the central bank and the government to take. Please argue how your recommendations can help the economy of this country.