Recent Question/Assignment
This is the link of article and the five questions
Access the article in the URL above and answer the questions in the spaces below. Use full sentences and show all necessary working but do not use more space than is given. Other references are not necessary (unless specified in the question) but, if you do use any (for example, online economics glossaries) please list at least the URL of your source. Please read the marking rubric provided in the separate file before answering the questions. Total mark for this assignment is 15.
1) Real GDP (seasonally adjusted) in the quarter grew while real GDP per capita contracted.
a) State the two rates reported in the article, define the two terms in italics and explain why they differ.
b) From your answer to (a) calculate what is the population growth rate for Australia. (show your working)
2) What is the official definition of a recession? Based on the 'Australia GDP' diagram did Australia have a recession in the last ten years?
3) According to the article and considering the national income accounting identity, carefully describe which sectors performed well and which ones did not.
4) Explain why the Australian Economic situation described in the article -may temper- the RBA's view to move official interest rates up.
5) According to the article -nominal GDP grew faster than the increase in volume-measured real GDP-. Explain why nominal and real GDP differ.