Objective: In this assignment you will apply your knowledge and understanding of the AD/AS model to...

Objective:

In this assignment you will apply your knowledge and understanding of the AD/AS model to a hypothetical scenario.

Instruction:

Write a response to the following scenario on a word file or equivalent and submit it as an 'upload file'. Please note you can only submit the following file types, doc, docx, pdf, txt, png, and jpeg. Graphs can be hand-drawn or computer graphics. Remember to correctly label all your graphs! For example, what the x and y axis represent.

The COVID-19 pandemic and the US-China trade tension have caused a significant decrease in China's demand for US exports.

Use the AD/AS model to explain the likely short run impacts on U.S. GDP and the aggregate price level. What do you anticipate will happen to U.S. consumption expenditure and U.S. employment? Please explain your reasoning for each of your predictions and show graphically as appropriate.

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Rahul Sunny answered 1 year ago

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