Question 1[16] 1.1. Define the following concepts or terms: 1.1.1. The Lorenz curve. (1) 1.1.2. Progressive...

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Question 1[16] 1.1. 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) 1.1.5. 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) Question 1[16] 1.1. 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) 1.1.5. 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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11 111 A Lorenz curve is a graphical representation of the distribution of income or wealth within a ... View the full answer