Using the model of business fluctuations, show the effect of the COVID-19. Recall that COVID-19 shut down production in a series of important U.S.  industries and caused considerable job losses. Fear of the virus caused Americans to travel less, buy fewer personal services, and consume fewer restaurant meals.  (b) The Fed responded to the economic effects of COVID-19 by cutting interest rates while Congress passed a large relief package (i.e., an increase in government spending). Show each of these effects on a separate diagram.

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