1. Hand-draw and upload a picture of an AS/AD graph showing how the recession affected the AS and/or AD curve or curves, labeling the axes, the curve(s), the pre-recession initial equilibrium, and the recession equilibrium.

Helpful hint #1: Since a recession is a decline in GDP, the recession equilibrium will end up left of the initial one.

Helpful hint #2: Google what happened to prices/inflation during the 6-month recession. What did you find? Make sure the price level change is consistent with what you find.

2. Explain

Which curve(s) you shifted which direction, and why. Use chapter concepts plus the facts about the covid-19

recession.

Explain how the new equilibrium price level and GDP changed.