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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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