Using the AS/AD model, discuss the short-run and long-run impacts of the following events with proper figure(s), if the government takes no further action

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Question 2 (18 points)

Using the AS/AD model, discuss the short-run and long-run impacts of the following events with proper figure(s), if the government takes no further action:

  • he invasion of Ukraine by Russia and the sanctions imposed on Russia for doing so has disrupted the global supply chain (starting from the full•employment level). (9 Points)
  • An increase in Government expenditure to accelerate post-COVID recovery (starting from the full employment level). (9 Points)

(9+9 = 18 Points)

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