Question: Question 3 3 a. Using the dynamic AD/AS model, explain why Kennedy is concerned about the state of the global economy. What difference might it

Question 3

3 a. Using the dynamic AD/AS model, explain why Kennedy is concerned about the state of the global economy. What difference might it make to the Australian economy if the trading relationship between China and Australia deteriorates as political tensions continue to increase?

3b. Assuming that a vaccine is discovered in say 18 months, discuss what might have happened to the LRAS curve over the period of the COVID crisis?

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