1. In a conversation, your friend made a comment that "Australia economy grew between 2016 and 2017 because nominal GDP increased from 1.1 trillion to 1.16 trillion respectively". You told him that he is incorrect for the Australian economy actually declined between 2016 and 2017 because the Australia's GDP price deflator increased from 102.2 to 108.7 between these years. Use a numerical example to explain to your friend why his comment is incorrect. 2 Marks