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Question 1: Measuring GDP and Economic Growth 25 marks in total The table lists macroeconomic data for Australia in 2018. (a) Australia's Gross Domestic Products (GDP) calculated using expenditure side approach is $1,380 billion in 2018. But the amount of Australia's exports is missing from the record book. Briefly explain and show how you calculate Australia's GDP and find the value of Australia's exports. (5 marks) Billions of Billions of Item Item dollars dollars Profit, interest and rents 350 Net taxes 110 Imports 510 Investment expenditure 250 Household consumption 880 Wages paid 920 Government spending 280 Exports ? (b) Citrus Republic produces only three commodities apple, orange and bread. The base year is 2018. The table below shows the quantities produced, the prices, and the population in 2018 and 2019