In the context of the Phillips Curve, the long-run Phillips Curve is:
A. Downward sloping
B. Horizontal
C. Upward sloping
D. Vertical at the natural rate of unemployment
Answer: Option D
Solution (By JKSSB Mock Tests)
In the long run, the Phillips Curve is vertical at the natural rate of unemployment, indicating no permanent trade-off between inflation and unemployment.
Explanation:
Economic planning in India aimed at growth, modernisation, self-reliance and social justice (reduction of inequality), not maximisation of inequality.
Explanation:
The 1991 Industrial Policy emphasised liberalisation, abolition of industrial licensing for most industries, and encouragement of private and foreign investment.
No comments yet. Be the first to start the discussion!