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1. What is the meaning of Business Cycle, what are the main phases of the business cycle, what are the two turning point a business cycle go through? (2 Marks) 2. What would happen to the following variables if the economy entered a recession phase? (3 Marks) a Income b. Investment c. Demand for labor d. Demand for loanable fund e. Demand for durable goods f. Unemployment rate 3. Briefly, explain the three types on unemployment, give example of each one and show which type of unemployment is part of natural rate of unemployment and which one is not. ( 3 Marks) 4. State whether the following example is frictional, structural or cyclical unemployed. (2 marks) a. Yousif lost his job because the economy slows down. b. Rami, a farmer who lost his job because of the introduction of new irrigation system. c. Mona left her work and start looking for better one closer to her home d. Layla, lost her job in ABC supermarket because a decline in sales over the last quarter