(a) "If Country X has a higher level of real GDP per person than Country Y, then citizens in Country X must enjoy a higher standard of economic welfare than citizens in Country Y."Do you agree or disagree this statement? Why?

(b) Michael paid HK$300,000 to buy a new car in 2019 and he sold his car to Gary at HK$150,000in 2020. How did these transactions affect the GDP in 2020? Briefly explain your answer.

(c) How does the production of a Hong Kong firm in Mainland China affect Hong Kong's GDP and GNP?Explain your answer.