Set up a correctly labeled Phillips Curve graph to begin each scenario. Then, show and explain what happens to the Phillips curves in each scenario. Assume the natural rate of unemployment is 5%. When showing a movement along the curve, label the initial point, A, and the new point, B. Use standard notation when shifting the curve.

Government spending increases.

The price of crude oil decreases.

Inflation expectations rise from 3% to 6%.

The Fed increases interest rates with contractionary monetary policy.