B. Unemployment and the gap between actual and potential output
C. Unemployment and inflation
D. Money supply and price level
Answer: Option B
Solution (By JKSSB Mock Tests)
Okun's Law describes the empirical relationship between unemployment and the output gap: a rise in unemployment is associated with a fall in actual output relative to potential output.
Explanation:
Dualism refers to the simultaneous existence of a modern, high-productivity sector and a traditional, low-productivity sector within the same economy.
Explanation:
A job-guarantee programme commits the public sector to provide a job at a basic living wage to every person who wants one, thereby eliminating involuntary unemployment and establishing an effective wage floor.
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