Give explanation

4. The United States is currently is at long-run equilibrium. The Natural Rate of Unemployment is 7%. The current level of inflation is 2%. a. Draw a fully labeled graph with both Long-Run and Short-Run Phillips Curves. b. Assume that Europe enters a reception. What effect will this likely have on United States GDP? Why? C. Given the change in part b, draw a fully-labeled AD-AS Model of the United States. Include the following: Current output ii. Long-run output iii. Current price level d. On your graph for part a, show the new positioning of the economy on the short-run Phillips curve. Label this "Point D" e. What are two actions that the Federal Reserve could take in order to push the economy back towards long-run equilibrium