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Question

Q. Consider the following statements with respect to the Philip curve?

Select the correct answer using the codes given below:

A

1 only
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B

2 only
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C

Both 1 and 2
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D

Neither 1 nor 2
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Solution

The correct option is D
Neither 1 nor 2
Explanation:

Statement 1 is incorrect: As per the Philip Curve
there is an inverse relationship between the inflation and unemployment (Not directly proportional).

Statement 2 is incorrect: As per the Philip Curve, Higher inflation is associated with lower unemployment and low level of inflation with high levels of unemployment.

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