Sketch a phillips curve diagram

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1. Sketch a Phillips Curve diagram. 

a. Label a point "N" on your Phillips Curve to indicate the level of inflation and unemployment the economy would likely be experiencing given "Extremely rapid growth of exports." Why would this be?

b. Label a point "O" on your Phillips Curve to indicate the level of inflation and unemployment the economy would likely be experiencing after the government has implemented a contractionary fiscal policy. Why would this be?

Reference no: EM132402516

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