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Question 3 In a conversation, a friend said, Australia's economic grew between 2015 and 2017 because nominal gross domestic product (GDP) increased from 940 billion
Question 3
- In a conversation, a friend said, "Australia's economic grew between 2015 and 2017 because nominal gross domestic product (GDP) increased from 940 billion in 2015 to 950 billion in 2016 and 960 billion in 2017. Upon checking, you found that the Australia's GDP price deflator also increased from 99.4 in 2015,100 in 2016 and 101.4 in 2017. Prove, with numerical calculations, if the statement is factually accurate. 2 Marks
- Why is it necessary to calculate real GDP? 1 Mark
- Explain three (3) reasons why GDP is not a reliable measure of economic welfare. 1.5 Marks
- Explain two (2) indicators, other than those relating to GDP, which can better measure the welfare of a nation. 1 Mark
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Contemporary Advertising
Authors: William F Arens
16th Edition
1260735419, 9781260735413
