Sharp Increases by OPEC in Oil Prices and Crop Failures

question 168

Multiple Choice

Sharp increases by OPEC in oil prices and crop failures around the world reduced aggregate supply, which sparked another outward shift of the Phillips curve _____

• A) in 1974.
• B) in 1984.
• C) during the 1960s.
• D) during the 1970s.
• E) during the early 1980s.

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Definitions:

Aggregate Planning

A marketing activity that aims to match supply and demand by adjusting production rates, workforce levels, and inventory levels, over a medium-range period.

Hire Workers

The process of recruiting, interviewing, and employing individuals to perform tasks or jobs within an organization.

Lay Off Workers

The process of temporarily or permanently removing employees from their positions due to economic downturns, organizational restructuring, or cost-cutting measures.

Aggregate Plan

A process in operations management used to develop, analyze, and maintain a preliminary, approximate schedule of the overall operations of an organization.