The Phillips Curve Shows That When the Unemployment Rate Is

question 22

Multiple Choice

The Phillips curve shows that when the unemployment rate is lower than the natural rate,

• A)inflation is higher than expected.
• B)inflation is lower than expected.
• C)policy rate is higher than expected.
• D)policy rate is lower than expected.

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Definitions:

Supply Chain Management

The oversight of materials, information, and finances as they move from supplier to manufacturer to wholesaler to retailer to consumer.

Work In Process

Inventory or products that are in the production process but are not yet completed, representing a stage between raw materials and finished goods.

Just-In-Time (JIT) Scheduling

Minimises inventory by routing materials to workstations ‘just in time’ to be used.

Timely Basis

Performing or completing tasks within an appropriate or specified period to achieve desired outcomes.