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Which one of the following laws/ curves stated that the lower the unemployment in an economy, the higher the rate of Inflation ?
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- Gini,s curve
- Verdoorn,s law
- Gibrat,s law
- Philip,s curve
Correct Option: D
Phillips curve is a historical inverse relationship between the rate of unemployment and the rate of inflation in an economy. Philip,s curve stated that the lower the unemployment in an economy, the higher the rate of inflation.
