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Question Description

COMPLETE THE TWO ESSAY QUESTIONS THAT YOU SEE HERE. EACH QUESTION HAS TWO SEPARATE PARTS AND YOU ANSWERS SHOULD BE A MINIMUM OF TWO PARAGRAPHS FOR QUESTION ONE AND A MINIMUM OF TWO PARAGRAPHS FOR QUESTION TWO. EACH QUESTION IS WORTH 50 POINTS.

1. A. EXPLAIN THE FOUR PHASES OF THE BUSINESS CYCLE. BE SPECIFIC AND DETAILED.

B. EXPLAIN TWO TYPES OF UNEMPLOYMENT AS WELL AS THE TWO TYPES OF INFLATION. HOW COULD INFLATION AND UNEMPLOYMENT AFFECT BUSINESS CYCLE CHANGES?

2. A. EXPLAIN THE BASIC CONCEPT OF THE LAW OF DEMAND AS WELL AS THE LAW OF SUPPLY, AND EXPLAIN THE SIGNIFICANCE OF THE POINT OF EQUILIBRIUM.

B. LIST AND EXPLAIN TWO THINGS (DETERMINANTS) THAT WOULD AFFECT CHANGES IN DEMAND AS WELL AS TWO THINGS (DETERMINANTS) THAT WOULD AFFECT CHANGES IN SUPPLY.