g the phillips curve illustrates the relationship between: a. inflation and unemployment. b. tax rates and tax revenues. c. the equilibrium level of income and the employment rate. d. change in the money supply and change in unemployment.

According to the Phillips curve, unemployment and inflation have a steady inverse connection. According to William Phillips' theory, inflation follows economic expansion and should result in more jobs and lower unemployment.

The occurrence of stagflation in the 1970s, when there were high levels of both inflation and unemployment, has somewhat refuted the basic theory behind the Phillips curve.

According to the Phillips curve, unemployment and inflation are inversely related. Lower unemployment is correlated with higher inflation, and vice versa.

The Phillips curve was a notion that was used to direct macroeconomic policy in the 20th century, but the stagflation of the 1970s brought it into doubt.

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