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Question 5: a) In September 2020, ABC News reported that, Australian recession confirmed as COVID-19 triggers biggest economic plunge on record.Explain what is meant by
Question 5: a) In September 2020, ABC News reported that, "Australian recession confirmed as COVID-19 triggers biggest economic plunge on record".Explain what is meant by the term 'GDP Gap', following Australia's COVID 19 recession. b) Suppose the following information was published by the Australian Bureau of Statistics in 2019. Calculate Australia GDP in 2019.
Item | Amount (AUD billion) |
Domestic consumption by households | 10,571.20 |
Government expenditure | 53,440.95 |
Agriculture products exports | 3,456.49 |
Prohibited elephant endangered specie tusks seized in Australia | 20,500.00 |
Value of assorted hi-tech intermediate components used in manufacturing sector | 502,003.00 |
Private domestic investment (I) | 352.69 |
Imports | 79.80 |
Components used in the manufactrure of cars | 444,222 |
Gifts | 50,333 |
Government investment | 500.25 |
Value of second-hand goods | 7,500.50 |
Other exports | 5,550.95 |
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