Question 3 2 pts Consider the following quote: 'As a consequence of the 2007-2008 Global Financial Crisis, many developed economies experienced a sharp fall in the demand for their exports, which coincided with a weakening of their own domestic demand (such as consumption and private investment}! For your own working. illustrate the above in an Aggregate Supply and Aggregate Demand diagram for the Australian economy. You do not need to submit this diagram; you can use the diagram to answer the questions. For simplicity, assume that real GDP was at its potential level before the global nancial crisis, and that there is no other shock. Focus on the short-run effects. 0 (a) In yourAD-AS diagram, which curve(s) shifts, and which direction is the shiftis)? Explain the shiftls). (1 mark) 0 (b) State the shortrun effects on output, ination and unemployment. (1 mark) Edit View Insert Format Tools Table 12pt V Paragraph V B I U a v a v TZV