The data from the table is plotted in the graph below to showthe short-run Phill

Question

The data from the table is plotted in the graph below to showthe short-run Phillips curve.

This table shows the unemployment rateand inflation rate for the United States from 1961 to 1969. Theinflation rate is measured by the percentage change in the GDPdeflator.

Year InflationRate Unemployment
Rate 1961 1.1% 6.7% 1962 1.4% 5.5% 1963 1.1% 5.7% 1964 1.5% 5.2% 1965 1.9% 4.5% 1966 2.9% 3.8% 1967 3.1% 3.8% 1968 4.3% 3.6% 1969 4.9% 3.5% Source: Economic Report of thePresident, 2003

The data from the table is plotted in the graph below to showthe short-run Phillips curve.

Explanation / Answer

unemployment rate would

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