In A. W. Phillips' data, the rate of change in nominal wages served as _____
A) the rate of change in nominal wages.
B) the rate of change in the employment rate.
C) the rate of change in the unemployment rate.
D) a measure of output.
E) a measure of inflation.

Question

Quizplus · Accepted Answer

In A. W. Phillips' data, the rate of change in nominal wages served as a measure of inflation. This relationship became known as the Phillips curve, which showed an inverse relationship between inflation and unemployment.

In A W Phillips' Data, the Rate of Change in Nominal Wages