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China and US have extensive international trade and currently China is having a huge trade surplus with US. To reduce the trade deficit in US, US President has decided to impose a high tariff rate on all imported products from China (i) Use the AD-AS framework to analyze the short run and the long run effects on the China economy if the China central bank did not intervene Begin your analysis with a long run equilibrium in the economy. (4 marks) (iii) How would your answer in (i) be different if the China central bank intervene by changing the reserve-deposit ratio? (4 marks)
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