1.A comparison of the key economic indicators (GDP growth, inflation and unemployment)

2.A graph using the AD-AS model that illustrates the impacts of COVID-19 pandemic on GDP, unemployment and price level.(Start economy at long run equilibrium. Identify and explain which components of AD will be affected by the Covid-19 pandemic. Show and describe the diagram - impact on GDP, inflation and unemployment.Explain and illustrate how the economy can adjust back to long run equilibrium.)

December 2001 and June 2020 GDP Growth December 2001 June 2020 4.3% -6.2% GDP Growth Help Export Chain volume, year ended change, seasonally adjusted, quarterly 6 A 4 2 2 0 -2 -2 -4 -4 -6 -6 -8 -8 2005 2010 2015 2020 - GDP GrowthInflation December 2001 June 2020 Unadjusted 3.1% -0.3% Adjusted for interest charges (to Sept 1998) 3.1% -0.3% and tax changes (1999-2000) Inflation Help Export Consumer Price Index (CPI), all groups, year ended change, not seasonally adjusted, quarterly 6 3 N N O 2005 2010 2015 2020 - Unadjusted - Adjusted for interest charges (to Sept 1998) and tax changes (1999-2000) Source: Australian Bureau of Statistics; RBAJOB Unemployment Rate December 2001 June 2020 6.9% 7.4% Unemployment Rate Help Export Seasonally adjusted, monthly 8 7 7 6 6 5 5 4 4 3 3 2005 2010 2015 2020 - Unemployment Rate Source: Australian Bureau of Statistics