Part B – Macroeconomics – Worth 10% of total assessment:Answer any five (5) of the following eight (8) questions. Each question is worth 10 marks.Question 1:Important Note: [Parts (a) to (g), ½ mark each; parts (h) and (i), 1 mark each; parts (j), (k) and (L), 1.5 marks each)Suppose the following are national accounts data for a given year for a fictitious country:$B AUDConsumption of fixed capital ………………………………………………. 320Gross private fixed capital formation……………………………………….. 785Government consumption expenditure………………………………………. 585Government investment expenditure………………………………………… 210Imports of goods and services…………………………………………………565Exports of goods and services…………………………………………………690Household consumption expenditure………………………………………..3115Net property and other income paid overseas………………………………….34Returns to labour…………………………………………………………….2651Firm profits………………………………………………………………….1687Other factor rentals……………………………………………………………482_____________________________________________________________________(a) Calculate GDP using the income method;(b) Calculate GDP using the expenditure method at mar
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