The notion that there is a trade-off between inflation and unemployment is expressed as a _____ curve.
A) Phillips
B) Keynes
C) Schumpeter
D) Friedman

Question

Quizplus · Accepted Answer

The Phillips curve shows the inverse relationship between unemployment and inflation. As unemployment decreases, inflation increases and vice versa. This trade-off was first observed by economist A.W. Phillips in the mid-twentieth century, and the relationship has been studied and debated by economists ever since.

The Notion That There Is a Trade-Off Between Inflation and Unemployment