Final answer:
The x-axis in the Phillips Curve represents the unemployment rate. Option (D) is correct.
Step-by-step explanation:
In the Phillips Curve, the x-axis represents the unemployment rate. The Phillips curve shows the tradeoff between unemployment and inflation in an economy. It helps illustrate the relationship between the two variables, where higher unemployment generally leads to lower inflation, and vice versa.
The unemployment rate is the percentage of the labor force that is looking for a job. The labor force is only a portion of the total population. The ratio of the labor force to the working-age population is called the labor force participation rate.
The unemployment rate is the percentage of the labor force without a job. It is a lagging indicator, meaning that it generally rises or falls in the wake of changing economic conditions, rather than anticipating them.
According to the recent Bloomberg report that references data from the Centre for Monitoring Indian Economy (CMIE) for July, the overall unemployment rate in India is 7.95 percent as of July 2023.