1 Chapter 10, Section 5 looks at the advantages and drawbacks of a country running a trade surplus or a trade deficit. For this discussion, your task is to: o Identify an advantage and disadvantage of running a trade surplus. o Identify an advantage and disadvantage of running a trade deficit. Question 2 In 2020, COVID-19 struck and disrupted the world. As a result of this virus, we saw a decrease in Aggregate Demand, which lead to our production to nearly halt in several industries. For this discussion, your task is to: o Think about some industry or type of firm that you have knowledge about and explain how that industry has been affected by COVID-19. o Then explain how this impact could demonstrated in our AD/AS model. o Note: As you work through this discussion, try to focus on your individual firm/industry and the economic impact from the virus. It is fair game to talk about the effect of legislation concerning the virus, but this prompt is not necessarily looking for critique or praise concerning legislation or individual politicians/leaders concerning the virus. Question 3 Chapter 12, Section 1, we read that the overall theme of the Keynesian perspective revolves around a focus on aggregate demand: firms will not produce goods if they do not expect the goods to sell. For this discussion, your task is to: Create an example that illustrates and validates this perspective. Where may we come across a situation where demand creates its own supply