Question
Consider the following statements about the Phillips
Curve: 1. The Phillips Curve shows an inverse relationship between inflation and unemployment. 2. In the long run, the Phillips Curve becomes a vertical line. 3. It is a universally accepted theory without exceptions. Which of the above statements are correct?Solution
The Phillips Curve illustrates an inverse relationship between inflation and unemployment (statement 1). In the long run, it becomes vertical as inflation expectations adjust (statement 2). It has exceptions, such as stagflation, where both inflation and unemployment rise (statement 3 is incorrect).
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