The relationship between the rate of price inflation and the level of unemployment is one of the central issues in macroeconomics: * a. What is the observed short-run empirical relationship between these variables for the United States? * b. How well does this observed relationship correspond with the predictions of each of three alternative models with which you are familiar? * c. Which of these three models, in your view is the best and why? * d. Does your answer to "c." provide any short-run policy implications for reducing the level of unemployment? * e. What is the observed relationship between inflation and unemployment in the long-run? How does it differ (if at all) from the observed short-run relationship? * f. Which of your three models best explains the long