Draw the AD-AS model in a long run equilibrium where AD, SRAS and LRAS intersect at the potential real GDP. In this model, illustrate how the COVID pandemic affected the Philippine real GDP, price level and unemployment rate in 2020 . Briefly explain the changes in your graph.

Draw the AD-AS model in a long run equilibrium where AD, SRAS and LRAS intersect at the potential real GDP. In this model, illustrate how the COVID pandemic affected the Philippine real GDP, price level and unemployment rate in 2020 . Briefly explain the changes in your graph.

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter9: Classical Macro Economics And The Self Regulating Economy

Section: Chapter Questions

Problem 18QP

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Question

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

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