Four main types of unemployment

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(a). Briefly explain the four main types of unemployment. Which one of these four can better be used to explain the massive job losses that occurred due to Covid-19 health pandemic.

(b). It has been reported that the GDP growth of the Australian economy has declined massively due to Covid-19 leading to an unprecedented GDP gap. Explain the GDP gap using a Business Cycle graph (you do not need data to draw this graph).

(c). What causes the difference between 'Real income' and 'Nominal income'? Provide a worked-out example to explain the difference between these two concepts.

Reference no: EM132647748

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