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Questions › GATE › GATE 2024 › Q28
1 mark, −0.333Macroeconomics › Inflation, unemployment and the Phillips curve › Okun's law and the output gapEasyabout 1 min

GATE 2024 Question 28: Inflation, unemployment and the Phillips curve

If the difference between actual GDP and the trend output varies inversely with the difference between actual unemployment rate and the natural rate of unemployment, then such a relationship is called the

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Inflation, unemployment and the Phillips curve has come up 106 times in 7 exams since 2006.

What this question tests

This question is on Okun's law and the output gap, part of Inflation, unemployment and the Phillips curve in Macroeconomics.

The link between output growth and unemployment, and the gap between actual and potential output.

TestStop has 8 past-paper questions on this subtopic; the nearest in year are below.

  • IIT JAM 2022 · Q7From the following, who first examined the close negative relationship between the unemployment rate and the…
  • IIT JAM 2021 · Q42Full employment output is 1 trillion Rupees and the natural rate of unemployment is 6%. If actual…
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Question from the GATE 2024 paper. Solutions are TestStop's own. Not affiliated with or endorsed by any examination authority.