AP Macroeconomics Mod 3 A a Define Using Graphs As Appropriate the Short Run Phillips Curve and the Long Run Phillips Curve B Explain Using Graphs As Questions

Construct SRPC and LRPC graphs, place current inflation and unemployment data, and distinguish recessionary, inflationary, and long-run equilibria.

Exam points

draw inflation on the vertical axis and unemployment on the horizontal axis with a downward SRPC
draw the vertical LRPC at the natural rate of unemployment
plot a short-run equilibrium from numerical inflation and unemployment data
identify a point left of LRPC as an inflationary gap and a point right as a recessionary gap
locate long-run equilibrium where SRPC intersects LRPC and expected inflation equals actual inflation

[Maximum number: 2]

Assume that the economy of Barrikos is in short-run equilibrium, with its economic data summarized in the table provided. The government budget is balanced, and the capital and financial account (CFA) balance is zero.

Table for Question AP Macroeconomics Mod 3 A a Define Using Graphs As Appropriate the Short Run Phillips Curve and the Long Run Phillips Curve B Explain Using Graphs As Questions question 1 — AP Macroeconomics

Using the relevant numerical values, draw a correctly labeled graph of the short-run and long-run Phillips curves for Barrikos. Indicate the current short-run equilibrium with a point labeled X. Plot the relevant numerical values on the graph.

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AP Macroeconomics Mod 3 A a Define Using Graphs As Appropriate the Short Run Phillips Curve and the Long Run Phillips Curve B Explain Using Graphs As Questions question 1