ECO10004-Australian economic growth has picked up pace, growing by 3.4 per cent in the year… 1 answer below »

Written Assessment ECO10004 Economic Principles Part C Due Date – See Canvas under the assessment tab All work must be submitted using the turnitin link (see below for more instructions) Please do not attach a coversheet to your assignment. Also, do not include a copy of the questions in your document. You can insert pictures in your document but they must be low resolution pictures. If your file is larger than 20 MB then convert your file to pdf and upload this into turnitin. Marking Scheme and word count • The total marks for the written assessment is 50 and represents 50% of your total mark for the unit. Part A is worth 12; Part B is worth 20 and Part C is worth 18. • Each question is worth either 1, 2 or 4 marks as indicated (at the end of each question). • A word count is set for each question (at the end of each question). Answers should not be larger than the word count (they can be smaller but you should ensure that you have addressed all aspects of the question).Task 6: GDP, economic growth, unemployment and inflation 1. Mr Lee is a previously self-employed man with an income of $4500. He decided to become an employee of a manufacturing company with a salary of $4000. In closing down his business, two of his employees were dismissed, each previously receiving a salary of $1000. Each of his employee will now receive unemployment benefits worth $1000 per annum. The change in National income as a result was________. Explain (2 marks).– Word Count 100 The following table sets out the CPI index for each quarter from March 2009 to March 2018. Use this information to answer questions 2, 3 and 4 below. Quarter Consumer price index; All groups – Quarterly Mar-2009 92.5 Jun-2009 92.9 Sep-2009 93.8 Dec-2009 94.3 Mar-2010 95.2 Jun-2010 95.8 Sep-2010 96.5 Dec-2010 96.9 Mar-2011 98.3 Jun-2011 99.2 Sep-2011 99.8 Dec-2011 99.8 Mar-2012 99.9 Jun-2012 100.4 Sep-2012 101.8 Dec-2012 102.0 Mar-2013…