Question: In the next column are four graphs and four economic scenarios, each of which would cause either a movement along the short-run or long-run Phillips

In the next column are four graphs and four economic scenarios, each of which would cause either a movement along the short-run or long-run Phillips curve or a shift in the short-run or long-run Phillips curve. Match each scenario with the appropriate graph.

a. The proportion of younger and less-skilled workers in the labor force decreases.
b. The Fed carries out an expansionary monetary policy.
c. Congress enacts significant new legal barriers to firing workers.
d. Workers and firms lower the inflation rate they expect.

1. 2. Inflation rate Inflation rate (percent per year) (percent per year) Unemployment rate (percent) Unemployment rate (percent) 3. 4. Inflation Inflation rate rate (percent per year) (percent per year) Unemployment rate (percent) Unemployment rate (percent)

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