Explain the effect this had using the ad-as model

Reference no: EM133537049

Assignment:

1. The article says that international supply-chain constraints have now eased. In terms of aggregate supply (AS), explain how these supply-chain constraints would have affected the macroeconomy during the pandemic and lockdowns. (You do not need to draw a diagram.)

2. After the lockdowns were eased increased consumption spending was a key driver of economic growth. Explain the effect this had using the AD/AS model. (You do not need to draw a diagram.)

3. At the end of the article, it is stated that "GDP growth will come to a standstill next year" because of higher interest rates. Identify the corresponding stance of monetary policy and explain the effect of higher interest rates on the macroeconomy.

Reference no: EM133537049

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