1-Briefly explain how the following variables have changed and affected the Australian economy since 2020.

A-Consumer price index

B-Official interest rate

C-Federal budget deficit

2-Explain two (2) indicators, other than GDP, that can more accurately measure the welfare of a nation.

3-If you are an owner of two businesses, a fruit shop and a furniture shop. Define business cycle and explain how and why changes in the business cycle affect the revenue of your two businesses differently.

4-What indicator does the government use to predict economic changes over the next six months? In your answer, explain two (2) variables used in this indicator.