A Small Number of People with Complementary Skills Who Are

question 20

True/False

A small number of people with complementary skills who are committed to a common purpose, set of performance goals, and approach for which they hold themselves mutually accountable, is called a working group.

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Definitions:

Sacrifice Ratio

The number of percentage points of annual output lost in the process of reducing inflation by 1 percentage point.

Inflation

An increase in the overall level of prices in the economy

Output

The amount of goods or services produced by a firm, industry, or economy over a given period.

Sacrifice Ratio

A measure of the economic cost of reducing inflation, calculated as the percentage of annual output lost per one percentage point reduction in inflation.