A. Suppose a drought destroys farm crops and drives up the price of food. What is the effect on the short-run trade-off between inflation and unemployment?
B. The Fed decides to reduce inflation. Use the Phillips curve to show the short-run and long-run effects of this policy. How might the short-run costs bereduced?
C. Suppose the natural rate of unemployment is 6 percent. On one graph, draw two Phillips curves that describe the four situations listed here. Label the point that shows the position of the economy in each case.
a. Actual inflation is 5 percent, and expected inflation is 3 percent.
b. Actual inflation is 3 percent, and expected inflation is 5 percent.
c. Actual inflation is 5 percent, and expected inflation is 5 percent.
d. Actual inflation is 3 percent, and expected inflation is 3 percent.
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