(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.[6 marks]

(b).It has been reported that theGDP 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).[4 marks]

(c).What causes the difference between 'Real income' and 'Nominal income'?Provide a worked-out example to explain the difference between these two concepts.[4 marks]