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Economics (AS & A Level) · Oct / Nov 2022 · Paper 32 · Question 30

9708Links between macroeconomic problems and their interrelatedness

What are the labels on the axes of a Phillips curve diagram?

  1. Avertical axis: inflation rate; horizontal axis: unemployment level
  2. Bvertical axis: inflation rate; horizontal axis: unemployment rate
  3. Cvertical axis: price level; horizontal axis: unemployment level
  4. Dvertical axis: price level; horizontal axis: unemployment rate

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Correct answer: B. vertical axis: inflation rate; horizontal axis: unemployment rate

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