Homework on AP Macroeconomics "The Phillips Curve"?

Posted on 2014-04-15 10:07:00 in Economics by ?

1. The Phillips curve shows the relationship between what two things?



2. What condition that occurred during the 1970's made the Phillips Curve seem untrue?



3. Draw a short-run and long-run Phillips Curve. Make sure you are properly labeling every aspect of your graph.



4. Draw a properly labeled AD/AS graph showing the impact of a ddecrease in American consumption. Then, show what happens to the short run Phillip's curve as a result of this change in AD.



5. Draw a properly labeled AD/AS graph showing the impact higher input prices for businesses. Then, show what happens to the short run Phillip's curve as a result of this change in supply.



6. Explain what would cause the long run Phillip's curve to shift to the left or right:

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