Question B2 (20 marks) (a) Country X has the economic data in the table in 2019. Components $Million Private consumption expenditure 500 Government consumption expenditure 100 Net domestic fixed capital formation 250 Changes in inventories 30 Total exports of goods 800 Re-exports of goods 200 Imports of goods 900 Exports of services 300 Imports of services 150 Depreciation 60 Intermediate goods 80 (i) Based on the above data, calculate Country X's Gross Domestic Product at market value. List the component items and show your workings. Name the approach you use for calculation. (6 marks) (ii) Suppose 2019 is the base year and the potential Gross Domestic Product is $1010 million. Name and calculate the output gap. Most likely, Country X in which stage of business cycle? (3 marks) (iii) In 2020, a businessman in Hong Kong bought a face mask machine for 200 thousand USD from Taiwan in February and Hong Kong government announces a HK$10,000 handout scheme to citizens aged 18 and above in September 2020. How would the above issues affect Hong Kong's 2020 Gross Domestic Product? (6 marks) (b) Suppose 180 thousand people are employed, 20 thousand people are unemployed, and 50 thousand people are out of the labour force. Calculate the labour force participation rate