1. Predict the impact the following variables would have on aggregate supply.

a. higher minimum wages

b. corporate tax rate cut

c. state government cuts in education

d. federal research in green technology

2. Suppose the following data represents points along a Phillips curve. Is the data consistent with what you would expect? Why?

DATA A: Inflation Rate of 0% and Unemployment Rate of 5.00%
DATA B: Inflation Rate of 1% and Unemployment Rate of 4.50%
DATA C: Inflation Rate of 2% and Unemployment Rate of 3.75%
DATA D: Inflation Rate of 3% and Unemployment Rate of 2.75%
DATA E: Inflation Rate of 4% and Unemployment Rate of 1.50%

3. How would Cost-of-Living Adjustments weaken the ability of the central bank to exploit the trade-off between inflation and unemployment?4. If nominal wages and productivity increase by the same amount throughout the macroeconomy, would you expect aggregate supply to increase, decrease, or stay the same? What if productivity increases more than nominal wages?

4. If nominal wages and productivity increase by the same amount throughout the macroeconomy, would you expect aggregate supply to increase, decrease, or stay the same? What if productivity increases more than nominal wages?

5. Does stagflation contradict the theory of the Phillips curve?

What is a Phillips Curve? Does anyone really believe it exists? How would
the curve shift, and are their any negative consequences of trying to
shift the Phillips Curve?

6. What is a Phillips Curve? Does anyone really believe it exists? How would
the curve shift, and are their any negative consequences of trying to
shift the Phillips Curve?

7. “Importing more goods and services into the U.S. is always a good thing to do
economically.” Explain why you agree or disagree. Is it possible for
one country to profit more off trade than another country?

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