Jhon is an Australian farmer producing rice. He has sold his harvest of rice in last year to Jack for $5. Jack lives in Australia for last 10 years, but he is not an Australian citizen. During the current year, Jack makes flour from this rice and sells to Jill for $12. What is the contribution to the GDP of Australia from this process in the current year? Assume the economic value added method.

Identify how the following transactions affect current year’s Australian GDP andGNP. Briefly explain. (3 points each)a) A jar of Vegemite (produced by Kraft, a US company) is produced in PortMelbourne and sold in Darwin.b) The Australian government spends $400 billion, of which $50 billion are for theconstruction of schools, $80 billion for the construction of highways, 120$ billionfor the purchase of French submarines, $30 billion for unemployment benefits,$50 billion in wages for public servants, and $70 billion for hospitals and otherhealthcare.c) An Australian citizen living in France purchases real estate in the outskirts ofParis.d) Bluescope Steel, an Australian company, produces $150 million worth of steelbut is only able to sell $100 million worth to customers, with the remainingsteel stored in the Bluescope warehouse.Macroeconomic Analysis (ECON7074) Page 1 of 4

A farmer in China produced some cotton, which he sold to a garment factory for ¥3,000. The factory processed the clothes with cotton and sold them to the market for ¥4,000 , and the market finally sold them for ¥5,000. How much was contributed to China‘s GDP？

Suppose in a given year, a country produces only two goods: 100 units of bread and 50 units of cheese. Bread sells for $2 per unit and cheese sells for $5 per unit. What is the country's GDP for the year?

Suppose the nation's Expenditure on Consumption (C) amounts to $35000, Expenditure on Investment (I) stands at $15000, Government Expenditure (G) equals $2800, Export Revenues (X) total $3000, and Import Costs (M) tally to $2500. Calculate the nation's GDP.A.$52000B.$52300C.$53300D.$52800

The nominal GDP of Australia has increased by 3.6% this year. We can conclude that _______.a.      either production has risen or prices have risen or both have risen.production has risen and prices remain constant.prices have risen and production remains constant.production have risen and prices have fallen.production has fallen and prices have risen.