Task 1

What components of GDP (if any) would each of the following transactions affect? Justify and explain your answer.

a) A family buys a new refrigerator b) Aunt Marcia buys a new watch c) Kia sells a Rio from its inventory d) You buy a bus ticket

e) The government of New South Wales creates a new light rail system in Sydney f) Your parents buy a bottle of South Australian wine g) Toyota shuts down its factory in Altona, Victoria.

Task 2

Consider the following data assuming that these are the only products produced and consumed in the economy:

2020 2021 Quantity 2021 Price 2022 Product 2020 Price 2022 Price ('000 unit) ($) Quantity ('000 unit) ($) Quantity ('000 unit) ($) Apple Juice 1000 $124 1200 $114 1300 $69 Cup holder 1400 $139 1100 $142 1200 $70 Sweater 1000 $155 1250 $161 1500 $81