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A-Level Economics · Short-run Phillips curve diagram question

Read the co-ordinates: at point B, what are unemployment and inflation?

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The diagram

The answer

5% unemployment and 2% inflation. Down to the horizontal axis: 5% unemployment. Across to the vertical axis: 2% inflation. Both numbers, every time. Take each point in two steps. Straight DOWN from B to the unemployment axis gives 5%; straight ACROSS from B to the inflation axis gives 2%. Getting the axes the right way round is worth a mark on its own.

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This is one of 5 questions on the short-run phillips curve diagram — every corner lettered, every wrong answer diagnosed.

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