I. Short essay questions. 1. Describe the four phases of a complete business cycle. Use graph to show the sequence of the four phases of a business cycle. 2. Identify the economic and non-economic/social costs of unemployment. 3. Based on their income, list three groups of people in the society who are hurt more from unanticipated/unexpected inflation than others. 4. Discuss how investment expenditure is affected by changes in interest rate. Indicate their relationship