1. Assume that the table lists macroeconomic data for Australia in 2016. Australia's Gross Domestic Products (GDP) calculated using expenditure side approach is $1,400 billion in 2016. But the amount of household consumption is missing from the record book. Briefly explain and show how you calculate Australia's GDP and find the value of household consumption. Item Profit, interest and rents Imports Household consumption Government spending Billions of dollars 370 550 ? 300 Item Net taxes Investment expenditure Wages paid Exports Billions of dollars 120 250 940 520