Using the posted videos and the AD-SAS-LAS model, lead a class discussion of how COVID-19 impacted the short-run and long-run behavior of output/income, the price level and interest rates at the start of the global pandemic in 2020. Some pundits at the time argued that COVID-19 was to be an exogeneous negative supply shock with stagflationary consequences (a rise in both unemployment and inflation) to follow, and other economists argue that COVID-19 would be an exogenous negative demand shock with recessionary consequences to follow soon. Using the videos, outside news articles, your own research, and the AD-SAS-LAS model, which side had the stronger argument or is a conclusion non-determinant? Or, rather than this be one type of shock versus another, is this a case of both shocks happening simultaneously; where each shock if feeding off the other [HINT: Explain using the AD-SAS-LAS model in the context of a the circular flow of income model covered in chapter 19]?
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