Using your answer from Question 1, if potential GDP for Australia is $495,778 million, which of the following charts (A or B) best describes the current macroeconomy for Australia? Briefly explain why. Does Australia have an inflationary gap or a recessionary gap, and how large is it?(3 marks)

USing the data in the following to ole, calculate the value of GDP for Auatralia for 2D19.[3 marks} Macroeconomic Data: 201 5 _ Amount [millions of Australian dollars] Household Consumption 31.592 Using your answer from Question 1, if potential GDP for Australia is $495,778 million, which of the following charts (A or B) best describes the current macroeconomy for Australia? Briefly explain why. Does Australia have an inflationary gap or a recessionary gap, and how large is it? (3 marks) Chart A Chart B Price Price Level LAS Level LAS SAS SAS AD AD $495,778 Real GDP $495,778 Real GDP