1. GDP & Unemployment, inflation & CPI

1.1 Research the value of tourism to the economy of South Australia for period 2019-20:

Document tourism industry's direct and indirect contribution to South Australia's Gross State Product (GSP) for period 2019-2020 in $ terms. What was the percentage change in the direct and indirect GSP compared to 2018-19 period? What percentage was the tourism GSP of the total state GSP?

In considering tourism consumption, what was South Australia's contribution in percentage and $ terms of Australia's total tourism consumption? What percentage of SA's tourism consumption is attributed to travel within the state?

What was tourism industry's direct and indirect Gross Value Added (GVA) in $ terms? What percentage was tourism's direct share of total SA's GVA?

1.2 Explain the difference between nominal and real GDP? Refer to table 5 below and calculate the nominal and real GDP for quarter 4, GDP deflator price index, and calculate real GDP using GDP deflator index.

Table 5 Time ADR of Quantity Average Quantity Nominal GDP Real rooms of rooms price of of tea sold GDP Deflator GDP sold tea using GDP deflator Q3 $135 142,000 $3.90 1,000,000 Q4 $150 177,000 $4.00 1,150,000 Real GDP Q4