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 102.2 to 105.1. Explain with numerical calculations if the statement is factually accurate.

b. Why in many countries an increase in economic growth has not translated into an overall improvement in economic/social welfare

c.Assume you own a new car dealership and your friend owns a fruit and vegetable shop. Graphically represent the business cycle and explain which business will be affected more by changes in the business cycle. Justify your answer.