In the first half of June 2008 the effects of a housing and financial crisis and an increase in world prices of oil and foodstuffs were affecting the economy. Refer to The Economy in 2008. In the short-run the effects of the housing and financial crises a. raise both inflation and the unemployment rate. b. raise the inflation rate and reduce the unemployment rate. c. reduce the inflation rate and raise the unemployment rate. d. reduce both the inflation rate and the unemployment rate