Question

Explain with the help of phillips curve the trade off between the inflation rate and unemployment rate

Answer 1

Charter Acts of 1813 was an Act of the Parliament of the United Kingdom which renewed the charter issued to the British East India Company, and continued the Company's rule in India. However, the Company's commercialmonopoly was ended, except for the tea trade and the trade with China.

Answer 2

Diminishing marginal rate of substitution implies rate at which a consumer is willing to substitute one goods for each additional unit of the other goods tends to decline when the consumer consumes more of that goods.