Question: Draw an Aggregate Demand (AD) and Aggregate Supply (AS) model at macroeconomic equilibrium in a pre-pandemic situation in January 2020. Then, during a pandemic lockdown

Draw an Aggregate Demand (AD) and Aggregate Supply (AS) model at macroeconomic equilibrium in a pre-pandemic situation in January 2020. Then, during a pandemic lockdown situation, assume both the Aggregate Demand and Aggregate supply shift. In which direction? 1.What factors influence the curves (changes in AD and AS). 2.In which direction do the curves shift? 3. After the shifts, is the economy at full employment (potential GDP)? 4. Is it a recessionary gap or an inflationary gap

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