Question
The table gives four possible situations that might arise in 2020, depending on the level of aggregate demand in 2020. Price level (2019 = 100)
The table gives four possible situations that might arise in 2020, depending on the level of aggregate demand in 2020. Price level (2019 = 100) Real GDP (trillions of 2019 dollars) Unemployment rate (percent) A 102 10.0 8 B 104 10.1 6 C 106 10.2 4 D 110 10.4 2 . . . Question content area top right Part 1 In the left graph, draw points A,B,C, and D on the short-run Phillips curve using Table 1. Label the points. Draw the short-run Phillips curve for 2017 through the points. Label it SRPC. In the right graph, draw the four points on the AS curve defined in the table. Label them. Draw the AS curve for 2020. Label it. >>> Draw only the objects specified in the question.
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