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Use the following information to draw a graph showing the short-run and long-run Phillips curves.
Natural rate of unemployment = 5 per cent
Current rate of unemployment = 3 per cent
Expected inflation rate = 2.9 per cent
Current inflation rate = 6.2 per cent
Personal Testimonials
Statements made by individuals, often based on personal experience, used to recommend or promote a product, service, or idea.
Norms
Unwritten rules and expectations that regulate the behavior of members within a group, shaping their actions and interactions.
Esprit De Corps
A feeling of pride, fellowship, and common loyalty shared among members of a group or organization.
Behaviors
The actions or reactions of a person or animal in response to external or internal stimuli.
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