Answer to Question #331828 in Macroeconomics for Isay

Question

Potential GDP is determined by the size of the labor force, the stock of capital and the state of technology used in the production process. Assume that the country faces a pandemic and there is a considerable decline in the size of the labor force, the stock of capital and the state of technology used in the production process.  Use an AD/AS diagram to illustrate potential GDP both before the pandemic and months after the start of the pandemic where the foregoing decline was observed and documented.

Answer 1

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