Examine the data relating to the economy of Euphoria

Examine the data relating to the economy of Euphoria above and answer the following questions.Q1. What phase of the business cycle was the economy in 2018? Briefly give two reasons for your answer. Q2. What was the likely cause of the change in the unemployment rate in 2018? What type of unemployment is likely to exist in Euphoria in 2018? Explain your answer. Q3. Identify and explain the likely cause of inflation / deflation in 2018? Include in your answer the contribution that export and import prices made to inflation / deflation in 2018. SECTION B Q1.Graph the demand for and supply of Australian dollars for US dollars. Label each axis.From Australia’s perspective, show graphically and explain the effect on the Australian dollar of the following.Australia’s major trading partners experience higher RGDP and income growth resulting in an increase in the price of Australian exported commodities (e.g. coal, iron-ore). Additionally:- there is increased speculation of the Australian dollar (AUD) based on speculators expectations of its future value.- Lower interest rates in Australia decrease Australian financial investment overseas. Q2. Explain the impact/ consequence of the change in the exchange ratein (a) above will