In the figure below, draw a short-run Phillips curve and a long-run Phillips curve if the expected inflation rate is 4 percent and the natural unemployment rate is 6 percent.
Explain how the two change in the short run if:
a. slower growth in aggregate demand causes a recession.
b. the inflation rate increases.
c. the natural unemployment rate increases.
Definitions:
Managerial Roles
The specific behaviors and tasks that are expected of a manager, including planning, organizing, leading, and controlling.
Interpersonal
Relating to relationships or communication between people.
Decisional
Relating to or involving the process of making choices or decisions, especially in a managerial or organizational context.
Management Functions
The core tasks performed by managers to achieve organizational objectives, typically categorized into planning, organizing, leading, and controlling.
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