1. In September 2020, ABC News reported that, "Australian recession confirmed as COVID-19 triggers biggest economic plunge on record".Explain what is meant by the term 'GDP Gap', following Australia's COVID 19 recession.

2. Suppose the following information was published by the Australian Bureau of Statistics in 2019.

Calculate Australia GDP in 2019. (4 marks)

Item	Amount (AUD billion)
Domestic consumption by households	10,571.20
Government expenditure	53,440.95
Agriculture products exports	3,456.49
Prohibited elephant endangered specie tusks seized in Australia	20,500.00
Value of assorted hi-tech intermediate components used in manufacturing sector	502,003.00
Private domestic investment (I)	352.69
Imports	79.80
Components used in the manufactrure of cars	444,222
Gifts	50,333
Government investment	500.25
Value of second-hand goods	7,500.50
Other exports	5,550.95