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{"ops":[{"insert":"Consider a Neoclassical model of an economy affected by the COVID-19 Pandemic. Use the\u00a0\ninformation given below to answer the following questions:\nProduction function Y = 10\u221a\ud835\udc3e\ud835\udc3f\u00a0\nK = 100 , L = 25 (capital and labour)\nr = 5% (domestic interest rate)\nP = 100 (Domestic price level), P* = 110 (foreign price level)\nM = 1000 (supply of money)\nC = 75 + 0.5(Y-T)\nI = 150 \u2013 4r\nG = 50, T = 50\nNx = 50 \u2013 2E\nWhere E represents real exchange rate and e represents nominal exchange rate.\ni) Calculate this economy\u2019s trade balance and show it on a savings-investment diagram\nii) Calculate the net capital outflow, real and nominal exchange rate\niii) Due to the global pandemic of COVID-19, many workers die and the labour force\u00a0\nreduces to 16. Calculate the new trade balance and real exchange rate.\niv) Assuming a constant velocity of money, by how much should this economy\u2019s central\u00a0\nbank adjust money supply to achieve its target of 0% inflation given the COVID-19\u00a0\npandemic?\n"}]}

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