Question: Given the below three conditions, please answer the questions for Topic 1. C1: The Australian economy is assumed to be in the steady state. C2:

Given the below three conditions, please answer the questions for Topic 1. C1: The Australian economy is assumed to be in the steady state. C2: The average capital income share is 0.3 between 1960 and 2022. C3: The capital depreciation rate is 0.04 (4 percent) annually. C4: The product of population growth rate and technological progress rate, ng, is regarded as 0 because it is a very small number. a) Compute Australia's average annual growth rate of real GDP (Chain volume measures) from 1960 to 2022. Describe the source of data. (3pts) b) Compute the average capital-to-output ratio in Australia from 1960 to 2022. Explain how to compute the average ratio. (Hint: use the nominal GDP and the nominal gross fixed capital formation - New private business investment). (3pts) c) Given the above information, evaluate the following statement: "Australian saving rate is higher than the golden rule saving rate. (4pts)

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