1. 1.
Why is Janet Yellen a really important person
in our society in 2012?
2. What will more free trade zones do to a
country’s price level??
3. Which type of unemployment is scariest to
you? And explain

2.  There
is a high
unemployment rate (10%)
 Long term effect:
 There
is a high inflation rate
(10%)
 Long term effect:

3.  1914-1975
 Studied
British
Economy
 1861-1957

6. The Phillips curve
illustrates the short-run
relationship between
inflation and
unemployment.