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Please help me with the following Question. Question 1 Complete the table / data sheet below for both Australia and China. Answers must be accurate

Please help me with the following Question.

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Question 1

Complete the table / data sheet below for both Australia and China. Answers must be accurate to two decimal places.

The Australian economy: Economic data 2016 - 2019.

Indicator

2016

2017

2018

2019

Nominal Gross Domestic Product (A$ billions)

1,703.6

1,808.9

1,897.7

1,990.3

GDP deflator

95.86

99.26

101.44

104.58

Calculate RGDP (for 2016 to 2019)

% change in RGDP (for 2017 to 2019)

Inflation rate (%) for 2017 to 2019 use GDP deflator

The Chinese economy: Economic data 2016 - 2019.

Indicator

2016

2017

2018

2019

Nominal Gross Domestic Product (RMB billions)

74,358

82,712

89,425

98,115

GDP deflator

101.15

105.35

106.85

110.35

Calculate RGDP (for 2016 to 2019)

% change in RGDP (for 2017 to 2019)

Inflation rate (%) for 2017 to 2019 use GDP deflator

Question 2:

What phase of the business cycle was the Australian economy in over the period 2018 to 2019? What contribution did the following components of Aggregate Demand; Consumption spending, Investment spending and Net exports make to the cycle over this period? Briefly explain

Question 3:

What phase of the business cycle was the Chinese economy in over the period 2018 to 2019? What contribution did the following components of Aggregate Demand; Consumption spending, Investment spending and Net exports make to the cycle over this period? Briefly Explain

Question 4: Unemployment and Inflation and its causes for Australia.

Explain the likely cause of the change in the unemployment rate in 2019 (Australia) - refer to both cyclical and non-cyclical types of unemployment

Question 5 Using the GDP Deflator identify and explain the likely cause of inflation / deflation for Australia in 2019? Include in your answer the contribution that export and import prices made to inflation / deflation in 2019.

The Australian economy: Economic data 2016 - 2019. 2016 2017 2018 2019 1,703.6 1,808.9 1,897.7 1,990.3 Indicators Nominal Gross Domestic Product (A$ billions) GDP deflator Calculate RGDP % change in RGDP Inflation rate (%) - use GDP deflator 95.86 99.26 101.44 104.58 5.6 15.3 5.2 5 4.75 4.5 Unemployment rate (%) 5.7 Natural rate of unemployment 5 (%) *estimate Index of production costs (2014 = 100)/ 106 Producer costs of prod'n All industries Labour productivity index 100.9 % change in real Consumption spending +2.58 Consumer confidence (Index) 97.5 107.5 109.3 111.4 101.8 102.5 102.3 +2.51 100.5 +2.68 102 +1.48 98 4.0 2.32 - 2.92 % change in real Investment spending |-2.57 (Private Capital Expenditure) Index of Producer / Business confidence 105 106 102 101.5 Real Net exports ($ millions) = Xg&s- 23,617 Mg&s 8,925 13,367 36,431 91.15 98.95 111.5 78.0 Export price index and (%) change +16.9% 103.6 +8.6% 110.35 +12.7% 113.25 103.3 Import price index and (%) change +0.3 +6.5% +2.6% Exchange rate (mid-point) USD per AUD; a AUD buys 1.765 .775 1.725 .685 The Chinese economy: Economic data 2016 - 2019. 2017 2018 2019 82,712 89,425 98,115 105.35 106.85 110.35 Indicator 2016 Nominal Gross Domestic Product (RMB billions) 74,358 GDP deflator 101.15 Calculate RGDP % change in RGDP Inflation rate (%) - use GDP deflator Unemployment rate (%) - official rate' 5.0 Natural rate of unemployment 4.8 (%) *estimate 14.8 4.9 14.8 4.8 4.8 4.6 106.3 104.0 99.65 Index of production costs (2014 = 100) 106.2 Producer costs of prod'n % change in real Consumption spending +6.0 Consumer confidence (Index) 105 Consumer Price Index (% change) 2.0 +6.35 115 1.6 +5.9 121 2.1 +5.5 124 3.1 |-2.0 2.0 3.0 % change in real fixed asset Investment 2.5 spending Index of Producer / Business confidence 101 103 101 99.0 Real Net exports (US$ millions) = Xg&s-Mg&s, 202.2 164.9 49.2 187.0 103.0 105.5 103 98.0 Export price index and (%) change | +5.1% 107.5 +2.4% 108.0 -2.3% 103.0 198.0 Import price index and (%) change +9.7% +0.5% -4.3% Exchange rate (mid-point) RMB per USD; a USD buys 6.55 6.75 6.6 6.75 The Australian economy: Economic data 2016 - 2019. 2016 2017 2018 2019 1,703.6 1,808.9 1,897.7 1,990.3 Indicators Nominal Gross Domestic Product (A$ billions) GDP deflator Calculate RGDP % change in RGDP Inflation rate (%) - use GDP deflator 95.86 99.26 101.44 104.58 5.6 15.3 5.2 5 4.75 4.5 Unemployment rate (%) 5.7 Natural rate of unemployment 5 (%) *estimate Index of production costs (2014 = 100)/ 106 Producer costs of prod'n All industries Labour productivity index 100.9 % change in real Consumption spending +2.58 Consumer confidence (Index) 97.5 107.5 109.3 111.4 101.8 102.5 102.3 +2.51 100.5 +2.68 102 +1.48 98 4.0 2.32 - 2.92 % change in real Investment spending |-2.57 (Private Capital Expenditure) Index of Producer / Business confidence 105 106 102 101.5 Real Net exports ($ millions) = Xg&s- 23,617 Mg&s 8,925 13,367 36,431 91.15 98.95 111.5 78.0 Export price index and (%) change +16.9% 103.6 +8.6% 110.35 +12.7% 113.25 103.3 Import price index and (%) change +0.3 +6.5% +2.6% Exchange rate (mid-point) USD per AUD; a AUD buys 1.765 .775 1.725 .685 The Chinese economy: Economic data 2016 - 2019. 2017 2018 2019 82,712 89,425 98,115 105.35 106.85 110.35 Indicator 2016 Nominal Gross Domestic Product (RMB billions) 74,358 GDP deflator 101.15 Calculate RGDP % change in RGDP Inflation rate (%) - use GDP deflator Unemployment rate (%) - official rate' 5.0 Natural rate of unemployment 4.8 (%) *estimate 14.8 4.9 14.8 4.8 4.8 4.6 106.3 104.0 99.65 Index of production costs (2014 = 100) 106.2 Producer costs of prod'n % change in real Consumption spending +6.0 Consumer confidence (Index) 105 Consumer Price Index (% change) 2.0 +6.35 115 1.6 +5.9 121 2.1 +5.5 124 3.1 |-2.0 2.0 3.0 % change in real fixed asset Investment 2.5 spending Index of Producer / Business confidence 101 103 101 99.0 Real Net exports (US$ millions) = Xg&s-Mg&s, 202.2 164.9 49.2 187.0 103.0 105.5 103 98.0 Export price index and (%) change | +5.1% 107.5 +2.4% 108.0 -2.3% 103.0 198.0 Import price index and (%) change +9.7% +0.5% -4.3% Exchange rate (mid-point) RMB per USD; a USD buys 6.55 6.75 6.6 6.75

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