5. The Phillips curve in the late 20th century The following table presents historical unemployment and inflation data in the United States for the years 1961 through 1965. Unemployment Rate Inflation Rate Year (Percent) (Percent) 1961 6.7 1.0 1962 5.5 1.0 1963 5.7 1.3 1964 5.2 1.3 1965 4.5 1.6 Plot the data for these five years on the following graph. Note: You will not be graded on how you plot the points, but plotting the points accurately on the graph will help you examine the relationship between unemployment and inflation during this period and solve the problems that follow.\fWhich of the following statements most accurately describes the relationship between inflation and unemployment in the United States during this time period? The short-run Phillips curve shifted to the right after actual inflation was higher than expected. O The short-run Phillips curve remained stable. O The short-run Phillips curve shifted to the left after actual inflation was lower than expected. The following graph shows the short-run Phillips curve (SRPC) for the United States in 1961. Drag the dot along the curve, shift the curve, or both to illustrate what happened between 1961 and 1965.SRPC INFLATION RATE UNEMPLOYMENT RATE The following graph shows the aggregate demand {AD} and short-run aggregate supply {AS} curves for the United States in 19-51. Shift the aggregate demand curve to approximate what happened between 1961 and 1955. \f