The table describes four possible outcomes for 2017, depending on the level of aggregate demand in that year. Potential GDP is $12 trillion and the natural unemployment rate is 5 percent. Inflation...

Extracted text: The table describes four possible outcomes for 2017, depending on the level of aggregate demand in that year. Potential GDP is $12 trillion and the natural unemployment rate is 5 percent. Inflation rate (percent per year) 12- 11- 10- Unemployment rate (percent of labor force) Price level (2016 = 100) 9- 8- 102.5 105.0 7- 107.5 6- 110.0 3 5- Draw the four points A,B,C, and D on the short-run Phillips curve using the data in the table. Label the points. 4- 3- Draw the short-run Phillips curve through the points. Label it SRPC. 2- 1- 0- 8 9 10 Unemployment rate (percent of labor force) >>> Draw only the objects specified in the question. emp Next