a.1)Why does the real GDP growth rate differ from the nominal growth rate?

Referring to the real GDP growth rate (quarterly and annual) that you reported in the above table, what can you say about the Australian economic outlook during the Covid-19 crisis?Where will you place the Australian economy on the business cycle?

(ii) Complete Table 1.3 below: Table 1.3 GDP Deflator Percentage Percentage Change Change (Quarterly) (Annual) Mar-2019 100.64 NA NA Jun-2019 101.45 NA NA Sep-2019 102.12 NA NA Dec-2019 101.49 NA NA Mar-2020 102.11 0.61% 1.46% Jun-2020 101.60 -0.50% 0.15% Sep-2020 102.16 0.55% 0.04% Dec-2020 103.27 1.09% 1.75% What is GDP deflator? Which period saw the lowest percentage increase in the price level as measured by the GDP deflator? Explain your answer. (Hint: compare the quarterly measure and annual measure). (150-words max).a. Table 1.1 below provides the Australian Nominal and Real Quarterly GDP figures for the periods 2019 Q1 to 2020 Q4 (values are in millions of dollars). Table 1.1 Nominal GDP ($) Real GDP ($) Mar-2019 491916 488794 Jun-2019 499113 491972 Sep-2019 505443 494933 Dec-2019 504517 497109 Mar-2020 506076 495641 Jun-2020 468281 460930 Sep-2020 486897 476618 Dec-2020 507579 491525 Note: The data for are extracted from ABS Cat No 5206.0 Use the data from Table 1.1 to answer the following questions. (i) Complete Table 1.2 below: Nominal GDP Nominal GDP Real GDP Real GDP Annual Quarterly Annual Quarterly Table 1.2 Growth Rate Growth Rate Growth Rate Growth Rate (%) (%) %) (%) Mar-2020 2.88% 0.31% 1.40% 0.30% Jun-2020 6.34% -7.47% 6.31% -7.00% Sep-2020 -3.67% 3.98% -3.70% 3.40% Dec-2020 0.61% 4.25% -1.12% 3.13% Why does the real GDP growth rate differ from the nominal growth rate? Referring to the real GDP growth rate (quarterly and annual) that you reported in the above table, what can you say about the Australian economic outlook during the Covid-19 crisis? Where will you place the Australian economy on the business cycle? (200-words max)b. To complete Table 1.4, please refer to the Excel Sheet provided Excel Data Q1b. The real GDP per capita is gross domestic product divided by midyear population and measured in the U.S. dollars. For each period, record the real GDP per person and rank the countries from highest real GDP per capita to lowest. + Table 1.4 GDP Per Capita (US$) Country 1990 Rank 2000 Rank 2010 Rank 2019 Rank Australia 21680.9896 3 24564.4583 3 46858.0433 2 50137.6628 2 Brazil 3100.28047 5 3749.75325 6 11286.243 5 8717.18628 7 China 317.884673 9 959.372484 7 4550.45311 7 10216.6303 6 Germany 22303.9613 2 23635.9292 4 41531.9342 3 46445.2491 3 India 367.556609 8 443.314193 9 1357.56372 9 2099.59905 9 Malaysia 2441.74199 6 4043.66205 5 9040.56625 6 11414.207 5 Indonesia 585.07655 7 780.190201 8 3122.36282 8 4135.56926 8 U Kingdom 19095.467 4 28149.87 2 39435.8399 4 42330.1175 4 U States 23888.6 1 36334.9088 1 48467.5158 1 65297.5175 1 Note: Source - World Bank Data https://data.worldbank.org/indicator/NY.GDP.PCAP.CD. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Why does the size of a country's GDP per capita matter more than real GDP? How does it affect the quality of life of the country's people? Use the data recorded in Table 1.4, across time and countries to compare and contrast your discussion. (150-words max) (Total Marks: 25) C. The following statement was extracted from the World Bank (2003) report: Informal economic activities pose a particular measurement problem (in calculating GDP], especially in developing countries, where much economic activity may go unrecorded. What does the World Bank mean by 'informal economic activities'? Why would these activities make it harder to measure GDP? Why might they make it harder to evaluate the standard of living in developing countries like India and Indonesia relative to the standard of living in Australia or the US? (250-words max)