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3 a. Tommy mentioned to you that Australia's economic growth did not change because the nominal gross domestic product (NGDP) in both 2016 and 2017

3 a. Tommy mentioned to you that "Australia's economic growth did not change because the nominal gross domestic product (NGDP) in both 2016 and 2017 was $1.5 million".Upon checking, you found that Australia's GDP implicit price deflator increased from 102 in 2016 to 104 in 2017. Calculate and explain if the statement by Tommy is factually accurate. (3marks) b. Ron has two (2) businesses. The economic contraction in 2020 decreased sales in his new car dealership but the sales in his fruit and vegetable shop remained steady. Explain, using business cycle terminology and graph(s), why are Ron's businesses affected differently. (2 marks)

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