a) Over the course of a business cycle, identify the stages at which the unemployment rate is likely to be the highest and the lowest and explain why. (3 marks) b) Below are examples of two types of unemployment. Identify and define the type of unemployment based on the scenarios provided. i. Arnold was working in a manufacturing plant when China joined the World Trade Organisation. His firm subsequently decided to shift its manufacturing operations over to China. Arnold is currently unemployed and is no longer able to find similar manufacturing jobs in his country. (2 marks) ii. Harold used to work as a flight attendant when Covid-19 saw travel restrictions severely affect the demand for air travel. His airliner decided then to retrench a large number of flight attendants, including Harold, leaving them unemployed. (2 marks) c) Suppose that the Working-age Population is 30 million, the Labour Force Participation Rate is 75% people while the unemployment rate is at 5%. Calculate the: Size of Labour Force (2 marks) No. of People Unemployed (2 marks) Show your workings clearly and present your answers up to 2 decimal places when necessary. d) Calculate the Inflation Rates for years 2020 and 2021 based on the table below. (4 marks) Year CPI 2019 103 2020 104 2021 101 Please show your workings clearly and present all your final answers up to 2 decimal places. (Total: 15 marks)