Question: Short answer and numeric questions (5 points each) 1. What does the slope of the short-run Phillips curve indicate about the tradeoff between inflation and

Short answer and numeric questions (5 points each) 1. What does the slope of the short-run Phillips curve indicate about the tradeoff between inflation and unemployment? Unemployment Real GDP rate (trillions of 2009 (percentage) dollars) 2. The table above gives data for an economy. Suppose that for this economy the natural unemployment rate is 5 percent and potential GDP is $8 trillion. a. What is Okun's Law? b. Using Okun's Law, complete the table by calculating real GDP for each unemployment rate

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