Critics of the Phillips Curve Argue That in the Long

question 260

Multiple Choice

Critics of the Phillips curve argue that in the long run

• A) there is a trade-off between unemployment and inflation.
• B) for any given unemployment level there is a corresponding inflation rate to which the economy will automatically revert.
• C) employees are not able to anticipate future rates of inflation, and therefore unemployment can always be reduced by inflating the economy.
• D) there is no trade-off between inflation and unemployment because workers' expectations adjust to any systematic attempts to reduce unemployment below the natural rate.

Understand the basic concepts of motivation theories, including Theory X and Theory Y, and their implications for management.

Recognize the significance of job design elements like job enrichment and job enlargement in motivating employees.

Identify the role of expectancy and reinforcement in employee motivation.

Appreciate the impact of manager's expectations (Pygmalion effect) on employee performance.

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Definitions:

Crust Thickness

The measurement of the Earth's outermost layer's depth, varying between the oceanic and continental crusts.

Oceanic Crust

The thin part of Earth's crust that underlies the ocean basins, composed mostly of basalt and denser than the continental crust.

Core

The innermost part of the Earth, composed primarily of iron and nickel, divided into a solid inner core and a liquid outer core.

Mantle

The thick layer of the Earth located between the crust and the core, composed of silicate rocks rich in magnesium and iron.