SSC Economics Sample Paper NCERT Sample Paper-2

  • question_answer
    Which one of the following coin the term 'Stagflation' in the economy?

    A) Jain Macleod

    B) Milton Friedman

    C) J M Keynes       

    D) William Phillips

    Correct Answer: A

    Solution :

    Stagflation is a situation in which the inflation rate is high, the economic growth rate slows, and unemployment remains steadily high. It raises a dilemma for economic policy, since actions designed to lower inflation may exacerbate unemployment, and vice versa. The term is generally attributed to a British Conservative Party politician who became Chancellor of the Exchequer in 1970, lain Macleod, who coined the phrase in his speech to Parliament in 1965.                     

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