The Budget Safety Measures That Address Higher Risks Than Task

question 18

Multiple Choice

The budget safety measures that address higher risks than task contingency are known as:

• A)CYA factors.
• B)buffer stocks.
• C)managerial contingency.
• D)task offsets.

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Definitions:

Short-run Phillips Curve

A graphical representation that shows the inverse relationship between the level of unemployment and the rate of inflation in the economy over the short-term.

Inflation

The rate at which the general level of prices for goods and services is rising, and, consequently, the purchasing power of currency is falling.

Unemployment

Occurs when individuals who are actively seeking work are unable to find employment. It is typically measured as a percentage of the labor force.

Supply Shocks

Unexpected events that suddenly change the supply of a good or service, potentially leading to rapid price changes.