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A) What is the GDP gap?     B) Explain why comparing the GDP's of various nations might not tell you which nations people are better off. (Layton et al 2012 p 304 question 6 and p 280 question 13) Question 2 (20%) What is the "market basket" used by the Australian Bureau of Statistics? Why does the "basket" of goods have to change over time? Give two examples of how the "market basket" has changed over time. Question 3 (20%) During the periods of economic  ...

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Tags: Australia Fairfield Economics Economics Business Economics University of New South Wales (UNSW) Business Economics 3543 

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