The Phillips curve shows a relation between inflation and unemployment. Economists that believe in the Phillips Curve promote the idea that if you allow the unemployment rate to rise high enough, then people will have less money to spend. They also believe if you can drive up loan interest rates during a time of high inflation by making home loans, car loans, business loans, etc... more costly, then people will reduce spending, which should lead to lower inflation. The authors of our textbook in Chapter 15 (page 323) used the term and created a graph called the "Bullseye" to describe this relationship between inflation and unemployment. So far, everything said up to this point is true. Conclusion: Professor Ed Torres in his lectures and Powerpoint slides mentioned that during the 1960s, the idea of the Phillips Curve initially looked correct. However, from the 1970s through the 1990's the tradeoff relationship between inflation and unemployment was not clear-cut, and it appeared that the ideas behind the Phillip's Curve were defective and incorrect. True or False True False