9. The Phillips curve in the late 20th century The following table shows selected data on unemployment and inflation in the United States between 1964 and 1968. Unemployment Rate Inflation Rate Year (Percent) (Percent) 1964 5.2 1.3 1965 4,5 1.6 1966 3.8 2.9 1967 3.8 3.1 1968 3.6 4.2 Flot 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. (?) Data Points INFLATION RATE (Per cent) 2 3 5 6 7 B 9 UNEMPLOYMENT RATE (Percent)Which of the following statements best describes the relationship between inflation and unemployment in the United States during this time period? The short-run Phillips curve shifted to the left after actual inflation was lower than expected. The short-run Phillips curve shifted to the right after actual inflation was higher than expected. O The short-run Phillips curve remained stable. The following graph shows the short-run Phillips curve (SRPC) for the United States in 1964. Drag the dot along the curve, shift the curve, or both to illustrate what happened between 1964 and 1968. (?) SRPC INFLATION RATE SRPC UNEMPLOYMENT RATEThe following graph shows the aggregate demand (AD) and short-run aggregate supply (AS) curves for the United States in 1964. Shift the aggregate demand curve to approximate what happened between 1964 and 1968. O AD AS AS PRICE LEVEL AD OUTPUT