Suppose the Following information was published by Australia Bureau of Statistics in 2017:
Item Amount (AUD billion)
Household consumption (C) 1029.81
Government consumption 340.92
Exports 386.39
Value of cocaine seized at Sydney Airport 10,500
Value of intermediate goods in tractor Manufacturing 52,003
Gross private domestic investment (I) 352.69
Imports 386.95
Components used in the manufactrure of cars 40,000
Gifts 15,236
Government investment 88.19
Value of second-hand goods 500.00
Use the information to answer the following questions
a. Identify the items that are not included in the GDP calculation. (4 Marks)
b. Calculate Australia’s GDP in 2017. (3 Marks)
