Essay
Consider the following Phillips curve diagram: 
For the case where the economy is at Point A, Point B, or Point C, explain:
(a) whether actual inflation is above or below expected inflation (What is each exactly?)
(b) the likely shift in the short-run Phillips curve
(c) the likely change in unemployment
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When the economy is at Point A:
(a) Actu...View Answer
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Correct Answer:
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(a) Actu...
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