Question 1 The Chinese government has recently removed their domestic zero covid policy. Using your own research briefly explain what this policy is, and the effect you think it has had on the Chinese economy. At a minimum, your answer should include commentary about the effect on Chinese GDP, unemployment, inflation and other aspects of the Chinese macroeconomy. Support your comments with appropriate economic data. (Make sure you use reputable economic sources and reference your sources.)

Question 2 Outline a possible fiscal policy program the Chinese government could undertake to recover from the effects of the zero covid policy. Draw a diagram of the Chinese macroeconomy using the aggregate demand and aggregate supply (AD/AS) model showing the effect(s) of the zero covid policy, and then after the (successful) implementation of your fiscal policy program. Clearly show on your diagram(s) the before and after cases.

Question 3 The zero covid policy has not just affected the Chinese economy, but economies all around the world. Explain the effect the policy has had on the Australian economy, as well as the impact its removal might have on the Australian economy. Support your answer with appropriate economic theory.