2005, Question 3 · 6 points
Plotting short-run and long-run Phillips curves
Plot a short-run Phillips curve from two years of unemployment and inflation data, name a cause of a leftward aggregate supply shift and show its effect on the curve, draw the long-run Phillips curve at the natural rate, and state the long-run relationship.
This exam had three free-response questions to answer in 50 minutes of writing time after a 10-minute planning period, with about half the time suggested for Question 1 and the rest split evenly between Questions 2 and 3. The current exam has 3 free-response questions in 60 minutes. The skills these questions practice still count.
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