You are a member of the president's Council of Economic Advisers for the country of Onelove. Currently the economy of Onelove is operating at full employment, but a new health crisis has hit the nation of Sunnyland, a major trade partner. Sunnyland's unemployment rate has hit record highs and its stock market has crashed unexpectedly. Your team must analyze how this external shock may impact the economy in Onelove. answer the following questions and include graphs to support your responses where appropriate:

4. The president wants you to explain how does the economy of Onelove transition from the short run equilibrium to the long run equilibrium so he can decide whether to put together an economic policy response. In other words, what might be an appropriate Government Policy Response to move the economy of Onelove towards its Long Run Macro-Equilibrium?

You are a member of the president's Council of Economic Advisers for the country of Onelove. Currently the economy of Onelove is operating at full employment, but a new health crisis has hit the nation of Sunnyland, a major trade partner. Sunnyland's unemployment rate has hit record highs and its stock market has crashed unexpectedly. Your team must analyze how this external shock may impact the economy in Onelove. Prepare a brief report of at least 500 words that answers the following questions and include graphs to support your responses where appropriate: 4. The president wants you to explain how does the economy of Onelove transition from the short run equilibrium to the long run equilibrium so he can decide whether to put together an economic policy response. In other words, what might be an appropriate Government Policy Response to move the economy of Onelove towards its Long Run Macro-Equilibrium