(a) Describe the differences between frictional and structural unemployment (b) Explain how the following events below affects the unemployment level: (i) A reduction in unemployment benefits ( 2 marks) (ii) A shift in the structure of the economy as the Covid pandemic comes to an end (iii) An increase in preference for hiring workers on short-term contracts ( 2 marks)
(iv) Increased use of Artificial Intelligence (AI) in the financial services and education industries (v) Several major banks in the country declare insolvency and are unable to continue their business ( 2 marks)