1 .Recently, Shane started his graduate position in the Australian public sector and his starting annual salary is $60,000, while his dad's starting salary for similar position 28 years ago was $20,000. Shane is seen bragging to his friends that he is earning three times more than his dad did 28 years ago. Is Shane's claim valid? Explain your answer.

2.b. According to the Tasmanian Chamber of Commerce and Industry's 2018 report, labour productivity in Tasmania is 22% below national average. What is 'labour productivity', and what measures could the Tasmanian government undertake to improve labour productivity?

3.c. Following the COVID-19 pandemic, many developing countries are worried about rising inflation, despite slower economic growth. If demand for goods and services are expected to fall, what could be driving the inflation? Explain your answer.

4.Banks are an important part of Australia's financial system and their business includes taking deposits from the public and providing loans to households and businesses.What is a reserve ratio and explain how a fractional banking system operates?Following the 2008 global financial crisis (GFC), the real-world deposit multiplier tended to be way smaller than the simple multiplier.Explain why that was the case and how it would have affected the money supply in the economy.