Answer all of the following questions for a total of 15 marks. The Production Possibilities Frontier 1. Refer to the production possibilities frontier illustrated in the graph to answer the questions below. Cl a) What is the opportunity cost of moving from point C to point B? (2 Marks) b) Which point represents unattainable consumption? ( 2 Marks) a) What is the opportunity cost of moving from point C to point B? (2 Marks) b) Which point represents unattainable consumption? (2 Marks) c) In the graph explain why as more wheat is produced the opportunity cost increases. (2 marks) The Macro economy 2. Why do economists make a distinction between nominal GDP and real GDP? (2 Marks) 3. How does the growth rate of real GDP contribute to an improved standard of living? What are some limitations of GDP as a measure of wellbeing? ( 4 marks) 4. If the real GDP of Auslan increased from $35,000 per capita in 2000 to $70,000 in 2020 , what is the approximate rate of growth? What is one policy the government can implement to improve productivity in the economy? ( 3 marks)