Measuring CPI and inflation rate.

Question

Suppose the following information was published by the Australian Bureau of Statistics in 2017: Item Amount (AUD billion) Household consumption 5,029.81 Government consumption 20,340.92 Exports 1,386.39 Value of cocaine seized at Sydney Airport 20,500 Value of intermediate goods in tractor manufacturing 502,003 Gross private domestic investment 352.69 Imports 386.95 Components used in the manufacture of cars 40,000 Gifts 15,236 Government investment 88.19 Value of second-hand goods 500.00 Value of banned endangered species elephant tasks seized at Melbourne Airport 600.00 Use the information provided to calculate Australia’s GDP in 2017

Answer 1

Question

Chapter 11, Problem 2PA

Subpart (a):

To determine

Measuring CPI and inflation rate.

Subpart (b):

To determine

Measuring CPI and inflation rate.

Subpart (c):

To determine

Measuring CPI and inflation rate.

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