Due to historical differences, countries often differ in how quickly a change in actual inflation is incorporated into a change in expected inflation. In a country such as Japan, which has had very little inflation in recent memory, it will take longer for a change in the actual inflation rate to be reflected in a corresponding change in the expected inflation rate. In contrast, in a country such as Zimbabwe, which has recently had very high inflation, a change in the actual inflation rate will immediately be reflected in a corresponding change in the expected inflation rate. Use this information to answer questions 17 to 22.
1. What is the slope of Japan's short-run Phillips curve?
2. What is the slope of Zimbabwe's short-run Phillips curve?
3. In the short run, in which country will expansionary monetary policy be more effective at reducing unemployment?
4.what is the slope of Japan's long-run Phillips curve?
5.what is the slope of Zimbabwe's long-run Phillips curve?
6. In the long run, in which country will expansionary monetary policy be more effective at reducing unemployment?