Question 1 [6 marks] Word Limit: 500 wordsTable 1: GDP Data for Countries A and BCountry A$billionsCountry B$billionsHousehold Consumption150150Government Purchases250250Transfer payments5060Total Gross Fixed Capital Expenditures50150Change in Inventories50-50Exports4040Imports2020Consider the data in table 1 for two countries: A and B.a. Calculate the GDP for both countries.b. Discuss the usefulness of these data in deciding which, if any, of these two countries is likely to be experiencing an economic recession.Question 2 [12 marks] Word Limit: 1000 wordsObtain Australia's real GDP and CPI data from 1980 to 2015. Calculate the annual growth rates of real GDP and inflation and graph both series together. Is/are there some interesting or salient relationship(s) between those two series? Provide and discuss plausible economic explanation(s), including change in economic events and change in government policy, for the relationship(s) you identified.Question 3 [12 marks] Word Limit: 1000 wordsObtain Australia's real GDP and unemployment data from 1980 to 2015. Calculate the growth rates of real GDP and unemployment and graph both series together. Is/are there some interesting or salient relationship(s) between those two series? Provide and discuss plausible economic explanation(s), including change in economic events and change in government policy, for the relationship(s) you identifi