Using the Keynesian Cross and the ISMP diagrams, provide answers to the fol- lowing questions. For each answer that you provide, number each shift in curves that you make and also number any movement along curves. Using your numbering of the shifts and movements along the curves provide an economic explanation for the reason behind the shift or movement along the curve. 1.1 Part I Suppose that the global pandemic causes many foreign countries to experience a sudden drop in production such that income in most large foreign economies plunges. Using your diagrams illustrate how this situation will affect the Australian econ- omy. Specically, show the effects on (demand-determined) output as well as the Australian interest rate and explain how the changes in output and interest rates arise. Start your economy at an initial condition where output is labelled YO and the initial interest rate is 2'0. Label the level of output and interest rate that prevail after all the adjustments occur by 37 and Z. (20 Marks)