The Covid-19 viral outbreak hit the U.S. Economy hard in 2020. Social distancing caused consumers to cut back on spending on entertainment, travel and restaurant meals and firms had to shut down abruptly due to the pandemic. Using the mechanics of the AS - AD - Potential GDP model you would conclude that in the shortrun:
a. Aggregate supply would decrease at every price level and aggregate demand would increase at every price level.
b. Aggregate supply would increase at every price level and aggregate demand would increase at every price level.
c. Aggregate supply would decrease at every price level and aggregate demand would decrease at every price level.
d. Aggregate supply would increase at every price level and aggregate demand would decrease at every price level.

Question

04-07-2024
Business

Answered

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The Covid-19 viral outbreak hit the U.S. Economy hard in 2020. Social distancing caused consumers to cut back on spending on entertainment, travel and restaurant meals and firms had to shut down abruptly due to the pandemic. Using the mechanics of the AS - AD - Potential GDP model you would conclude that in the shortrun:
a. Aggregate supply would decrease at every price level and aggregate demand would increase at every price level.
b. Aggregate supply would increase at every price level and aggregate demand would increase at every price level.
c. Aggregate supply would decrease at every price level and aggregate demand would decrease at every price level.
d. Aggregate supply would increase at every price level and aggregate demand would decrease at every price level.

Sagot :

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