a. In a conversation, someone mentioned, "Australia's economy grew because the market value of total production in 2016 was 1.11 trillion and in 2017 it was 1.14 trillion".Upon checking, you found that in these two years Australia's GDP price deflator increased from 104.2 to 105.7. Explain with numerical calculations if the statement is factually accurate.

b. A report recently released stated "the increase in GDP growth around the world has not, in most cases, resulted in improvement in economic/social welfare.Explain why this is so.

c. A news article stated that both the unemployment rate and the labour force participation rate has decreased by 0.2 and 0.4 percent respectively.Is this positive news for the economy?Explain.