(a) What is real GDP and why do we calculate real GDP? (6 marks) (b) What are the shortcomings of real GDP? Can you think of a better measure of welfare? Explain your answer. (5 marks) (c) Identify which of the following transactions are part of current year's Malaysian GDP and which are considered part of current year's Malaysian GNP. Explain. i. A. Proton car produced in Pahang. i. The sale of a ton of palm oil by SIME DERBY to China. iii. The purchase of Japanese real estate by Malaysian citizens living in Tokyo. (6 marks) (d) Suggest the appropriate fiscal policy and monetary policy that you think can help to reduce the shortage of low-cost houses in Malaysia and how each of this polscy affect the whole country's economy? (8 marks) (Total: 25 marks)