The Short- Run Phillips Curve Shows the Relationship Between

question 2

Multiple Choice

The short- run Phillips curve shows the relationship between

• A)the price level and real GDP in the short run.
• B)inflation and unemployment, when inflation expectations can change.
• C)unemployment and real GDP in the short run.
• D)the price level and unemployment in the short run.
• E)inflation and unemployment, when the expected inflation rate and the natural unemployment rate remain constant.

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Definitions:

Synergy

The creation of a whole greater than the sum of its individual parts.

Cohesiveness

The degree to which members are attracted to and motivated to remain part of a team.

Quality Circle

A group of employees who periodically meet to discuss ways of improving work quality.

Team Building

A sequence of collaborative activities to gather and analyse data on a team and make changes to increase its effectiveness.