FRQ Examples: Unit 3 Test will have 2 similar FRQs presented. Follow the examples to help prepare forthe exam. You will be drawing your graphs and writing your responses and submitting them as an image on the exam. Include correctly labeled diagrams. if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to "Calculate," you must show how you arrived at your nal answer. #'l The economy of iVAland is at full employment. (a) Draw a correctly labeled graph of the longrun aggregate supply. shortrun aggregate supply, and aggregate demand curves. and show each of the following. (i) Current price level, labeled PLt (ii) Current real output, labeled Y1 (b) Assume that consumer condence decreases as a result of a recession caused by the cryptocurrency bubble bursting in IVALand. On your graph in part (a), show the effect of the decrease in consumer condence on real output and price level. (c) What will be the effect of the change identied in part {b} on unemployment in IVALand? (d) Will the change in real output shown in part (b) be smaller or larger in the presence of automatic stabilizers? Explain