According to the Keynesian perspective, what should be the right policy in the following economic circumstance? Explain the policy name, tools, and the details and show the effect on the economy accordingly. 1) Initial status: Our economy is in the recession. Direction: Draw the initial status of the economic equilibrium label all the axes and the curves. Label the equilibrium as "1". What would be the appropriate policy that should be applied according to the Keynesian perspective? Explain the name of the policy, tools, and the details -how the economy will change. Show your work on the graph as well. Label the new equilibrium as "2".

2) Initial status: Our economy is in the price (economic) bubble. Direction: Draw the initial status of the economic equilibrium label all the axes and the curves. Label the equilibrium as "1". What would be the appropriate policy that should be applied according to the Keynesian perspective? Explain the name of the policy, tools, and the details -how the economy will change. Show your work on the graph as well. Label the new equilibrium as "2".