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Question 5 (20 marks) The Hong Kong Government has recently released the following statistics on economic performance of Hong Kong in the first quarter (Q1) of 2020 in comparison to the same quarter in 2019. Components % change in Ol 2020 relative to O1 2019 Private consumption expenditure -10.1 Government consumption expenditure 8.3 Gross domestic fixed capital formation -14.3 Total exports of goods -9.9 Imports of goods -11.0 Exports of services -37.8 Imports of services -26.3 Total GDP -8.9 (a) Which approach of GDP accounting do the above components corresponding to? (b) Based on your knowledge about the events in between Q1 2019 and Q1 2020, discuss what factors or events have likely contributed to the corresponding changes in the above components. Explain how the changes in those factors would lead to the change in related components. (c) Which of the above components will more likely recover earlier when the effect of pandemics fades away? Explain your reasoning