As you know, in addition to the ongoing public health emergency, the COVID 19 pandemic has resulted in a global economic shock of the unprecedented proportions. In this essay you will use the economic theory we studied in the subject to discuss the impact of the pandemic on the Australian economy. 1. "Governments in the countries affected by the pandemic face a policy dilemma of striking a balance between minimizing the human cost of the corona virus outbreak on the one hand, and the economic damage created by the containment measures on the other hand." Evaluate this statement from the economic point of view by discussing the concepts of scarcity, tradeoffs and opportunity cost. (3 marks) 2. Briefly discuss the dynamics of the corona virus cases in Australia and public health measures taken by the Australian government to control the spread of the virus to date. Use a Circular-Flow diagram (Figure 13.1 from Chapter 13) to discuss how government's quarantine and social distancing policies affect each of the flows depicted in that diagram. What do you think is going to be their impact on the Australian economy? (7 marks) 3. Collect and plot data for the past 20 years on the following variables characterizing the Australian economy: GDP growth rates, Inflation and Unemployment. You need to collect and graph your data using Excel or similar software. Reserve Bank of Australia's website www.rba.gov.au is a good place for collecting these data series. (4 marks) 4. Discuss how the current crisis will affect each of the three variables you presented in Question 3. Describe the economic policies implemented by the Australian government to mitigate the consequences of the pandemic. (6 marks)