A) What are the four phases of the business cycle? How long do business cycles last? How do the rate of unemployment and the rate of inflation typically behave in each phase?
B) This council, an advisory body with business and union representation, decided to rethink the concept of unemployment. It was intent on unraveling the paradox of substantial new job creation coupled with a high and largely unyielding jobless rate. How could this paradox come about?