QUESTION 1. 1A. How does this cartoon explain and/or illustrate the business cycle? READ the question before you answer. One snow person says to the other snowperson: "Yeah, yea, maybe it's cyclical but I don't feel any better." The date is March 2009. The New yorker 9 March 2009 "Yeah, yeah, maybe it's cyclical, but I don't feel any better." Before you respond: (1) this cartoon is not about the seasons, (2) what is happening in the economy 2007-2009? - chapter 1 could help you, (3) are there any key words to consider? 1B. Draw the business cycle model, label axes and the four phases of a business cycle. THEN, on your model you made. ----use the letter "A" to show where do you think the U.S. economy was during the Great Depression; -----use the letter "B" where do you think the U.S. economy was during the mid-1960s; ----use the letter "C" where do you think the U.S. economy was in Dec 2007 - June 2009, the Great Recession? Excellent resource if you do not know what was "going on" in the US economy during the 1930s, the 1960s, or the Great Recession: Slavin, S. Economics 12e. Chapter 1. QUESTION 2. 2A. Compare and contrast the economic model from Chapter 5 and 6 and the "new" economic model from Chapter 11. How do they differ? How are they similar? It will help if you sketch out the models and set them side by side with axes and curve labeled. 2B. Draw the AD-AS model that we have learned. Place the AD or Aggregate Demand Curve in the vertical section of the AS curve. Now, move the AD in the direction which shows increased total spending in the economy. What is the result? For the graph, scan or take a picture, send it to your email, snip and paste it into your answer page. 3 2C. Draw the AD-AS model that we have learned. Place the AD or Aggregate Demand Curve in the horizontal section of the AS curve. Now, move the AD in the direction which shows increased total spending in the economy. What is the result? For the graph, scan or take a picture, send it to your email, snip and paste it into your answer page