Explain the combined impact of these two situations

Reference no: EM133641171

Question: The CARES Act was the largest fiscal relief/stimulus passed in U.S. history. The package cost more than $2 trillion as it stabilizes consumer spending during a period of unprecedented unemployment. Simultaneously, the global pandemic caused a price shock as supply chains experienced delays as households stocked up on basic necessities, and major manufacturing and shipping companies experienced shutdowns and delays.

Using the AD/AS model, explain the combined impact of these two situations that occurred in 2020 and 2021.

Reference no: EM133641171

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