Q1. If the inflation rate increases, what effect will this have on unemployment in short run? What effect will it have in the long run?

Q2.What will happen to the actual rate of inflation if people expect a higher inflation rate in the future? What will happen to the actual rate of inflation if people expect a lower inflation rate in the future? Explain.

Q3.What does the slope of the LRPC indicate about the tradeoff between the inflation rate and the unemployment rate? Explain