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QUESTION 1

With the onset of the Covid-19 pandemic, the UK economy went into its first lockdown at the end of March 2020. This led to a massive reduction in economic activity and a drop in business confidence levels at the time. Inflation in the UK, at the end of March 2020, was measured at 1.5%.

1. a)Use the multiplier model to illustrate (and discuss) how these factors affected output and employment in the short-run.