5.Describe the difference between frictional unem ployment and structual unemployment. 6Which has the longer inside lag-monetary or fiscal policy?Which has the longer outside lag?Why? 7.What is meant by the "time inconsistency"of economic policy?Why might policymakers be tempted to renege on an announcement they made earlier?In this situation,what is the advantage of a policy rule? 5.Describe the difference between frictional unem￾ployment and structual unemployment. 6 Which has the longer inside lag—monetary or fiscal policy?Which has the longer outside lag? Why? 7.What is meant by the “time inconsistency’’ of economic policy? Why might policymakers be tempted to renege on an announcement they made earlier? In this situation,what is the advantage of a policy rule?