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Question 3 (25 marks) Illustrate the effects of the following developments on both the short-run and long-run Phillips curves. Give the economic reasoning underlying your

Question 3 (25 marks) Illustrate the effects of the following developments on both the short-run and long-run Phillips curves. Give the economic reasoning underlying your answers. 3.1) A rise in the natural rate of unemployment 3.2) A decline in the price of imported oil 3.3) A rise in government spending 3.4) A decline in expected inflation

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