On one graph,

a.Illustrate a recessionary gap.You must use a AD/SRAS/LRAS

b.State which fiscal policy and monetary policy is to be used to close the gap

c.Use a separate graph to illustrate the impact of your answer in part B

d.Give an example of how will fiscal policy impact the economy?

e.Give an example of how will monetary policy impact the economy?

f.All axes and curves on the graphs are to be properly labeled and must indicate the changes in Real GDP and price levels. In addition, graphs are to be hand drawn.