Question
. Using the AS/AD model, discuss the likely short-and long-term impact of the following events with proper diagram(s): a. COVID19 has hit Australia and global
. Using the AS/AD model, discuss the likely short-and long-term impact of the following events with proper diagram(s): a. COVID19 has hit Australia and global economies with an unprecedented pandemic. (Hint: For simplicity, assume the pandemic does not affect the natural level of output.) b. To combat the economic downturn due to COVID19, Government has introduced a $130 billion JobKeeper Payment scheme which will enable small and medium scale business to pay their eligible employee's salary or wages of at least $1,500 (before tax) per fortnight for at least six months
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