Consider the information below for Australia. Exports in 2022 dropped to $70B with imports also declining to $50B. Consumption spending declined from $290B (2021) to $220 B (2022) while savings decreased by 578 for the year. Investment spending decreased from $140B (2021) to $1208 (2022). The Government increased the transfer payments to $60B (2022) and increased the government spending from $150B (2021) to $170B (2022). Questions 1. Calculate the GDP for the vear 2022 for Australia. 12 marks 2. Assume Australia is initially at full -employment in 2021, which phase of the business cycle is Australia's economy in 2022? Justify vour answer. 2 marks 3. What type of monetary policy would normally be used if this situation persisted. Explain your answer. 2 marks 4. What type of fiscal policy would normally be used if this situation persisted. Explain your answer. 2 marks] 5. Given the current economic condition, the policymakers are strong supporters of the "Classical view in managing the economy. How would this policy approach affect the AD, SAS, and the LAS of the AD/AS Model? (2 marks)