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Question 2: The Post-COVID 19 Economy The COVE]? pandemic has caused an Imprecedented global economic downtum and a deep recession worldwide. The economic recovery in Australia will depend on how quickly the country can contain the spread of the virus, and of course, the availability of a vaccine. Let us assume an optimistic scenario, where the virus has he. contained effectively and a coronavirus vaccine is available in Australia. (a) Using an Aggregate Expendimresfj\" line diagram, explain how the Australian economy may react to this optimistic scenario in the short-run. In your answer, discuss how each of the components of GDP would be affected. {b} When the lockdown restrictions are completely 1withdrawn, people will likely change their spending behaviour upward, which ultimately may increase the marginal propensity to consume. Using an Aggregate Expenditure#5\" line diagram, explain how this will affect the aggregate level of expenditure and output [+4=lmarks]