Question: 1.1. (1) Question 1[16] Define the following concepts or terms: 1.1.1. The Lorenz curve. (1) 1.1.2. Progressive Tax. (1) 1.1.3. Labour force. (1) 1.1.4. Import

1.1. (1) Question 1[16] Define the following concepts or terms: 1.1.1. The Lorenz curve. (1) 1.1.2. Progressive Tax. (1) 1.1.3. Labour force. (1) 1.1.4. Import tariffs. 1.1.5. Nationalisation. (1) 1.1.6. Financial intermediaries (1) 1.2. One complete business cycle has four elements/phases. Illustrate and explain the business cycle and clearly indicate the four phases for a complete cycle. (4) 1.3. List two leakages from the basic circular flow of income and spending (2) 1.4. Differentiate between seasonal unemployment and frictional unemployment and provide a relevant example of each. (4)

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