In answering the question, you should emphasize the line of reasoning that generated your results; it is not enough to list the results of your analysis. Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. Assume that the United States economy is currently in a short-run equilibrium with the actual unemployment rate above the natural rate of unemployment, a. Draw a single correctly labeled graph with both the long-run Phillips curve and short-run Phillips curve, Label the current short-run equilibrium point P b. Assuming no policy actions are taken, will the short-run Phillips curve shift to the right (upward). shift to the left (downward), or remain the same in the long run? Explain. c. If the Federal Reserve Bank wants to lower unemployment, what expansionary open-market operation should it use? d. How will the open-market operation you identied in part (c) affect each of the following? i. Federal funds rate. Explain. ii. Real interest rate in the short run. e. Given your answer in part (d)(ii), what is the effect on real gross domestic product (GDP) in the short run? Explain. f. Japan and the United States are major trading partners. Indicate how the change in real GDP you identied in part (e) will affect the demand for the Japanese yen in the foreign exchange market, 9. Draw a correctly labeled graph of the foreign exchange market for the Japanese yen, showing the effect of the change in demand identied in part (f) on the value of the Japanese yen relative to the United States dollar