Which among the following is the correct definition of the Phillips Curve?
1
It depicts the relationship between the level of unemployment and the rate of change of money wages.
2
It displays the relationship between government spending (on the horizontal) and GDP growth rate (on the vertical) of an economy.
3
It depicts the relationship between the household expenditure and change in household income.
4
It shows the relationship between economic growth and inequality.
5
None of the above