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Q1 Australia's seasonally adjusted percentage change in real GDP figures (ABS 2020).

Quarter	% Change GDP
Q3 2019 (Jun 2019 - Sept 2019)	+ 0.5
Q4 2019 (Sept 2019 - Dec 2019)	+ 0.6
Q1 2020 (Dec 2019 - Mar 2020)	- 0.3
Q2 2020 (Mar 2020 - Jun 2020)	- 7.0
Q3 2020 (Jun 2020 - Sept 2020)	+ 3.4
Q4 2020 (Sept 2020 - Dec 2020)	+3.1

a. Referring to the table above, explain all the different phases of the business cycle Australia's economy experienced between Q3 2019 and Q4 of 2020. Include information from the table into your explanation. (1.5 marks)

b. Based on your answer in part (a), explain how the variable of unemployment changed during each phase. (1.5 marks)

Q2 Country Z National accounting data for Year 1

	Amount (billions of dollars)
Consumption of fixed capital	320
Gross private domestic investment (I)	400
Government consumption expenditures (G)	200
Government investment expenditures (G)	50
Imports (M)	300
Exports (E)	400
Household consumption expenditures (C)	2000
Net foreign income paid overseas	40
Net transfers to foreigners	2

a. Referring to the table above, calculate the value of Real GDP (Gross Domestic Product) using the expenditure approach for Country Z. Include all calculations. 1m

b. CIC bought a new photocopy machine for its office use. Is the value of this item counted or not counted in GDP calculation? Explain your answer. 2m

Q3 Hypothetical Consumer Price Index (CPI) for Country A

Year	CPI
2017	145
2018	150
2019	160
2020	180

a. Referring to the table above, calculate the inflation rate for Country A between 2019 and 2020. Include all calculations. (1 mark)

b.'Inflation can reduce the real income for workers in Country A.' Do you agree or disagree with this statement? Discuss this statement using the inflation rate calculated in (a) and concepts relating to inflation. (2 marks)

Q4 Hypothetical Labour statistics for Country X.

Population	25 million
Working Age Population	15 million
Civilian Labour Force	10 million
Employed	8 million
Unemployed	2 million

a. Referring to the table above, calculate the unemployment rate for Country X. Include the calculation. (1 mark)

b. Is cyclical unemployment something macroeconomics policymakers in Country X should be concerned about? Explain. (2 marks)

Q5 Assume that the Australian economy is in recession.

a.Should the RBA implement contractionary or expansionary monetary policy and how open market operation be applied (2 marks)

b. Explain how the policy would influence household consumption, private investment, and net exports (X-M) to correct the Australian economy. (2 marks)

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