a)    Describe the changes in investment, government expenditure and exports during the quarter before, during and immediately after the last time real GDP decreased. Compare the situation in 2014 with the earlier period.

b)   What do the data suggest was the source of the last decrease in real GDP? Explain why you agree or disagree with Steen Jakobsen.

c)    GDP figures from the Australian Bureau of Statistics (ABS) showed that Australia avoided a recession in 2015 indicating Steen Jakobsen’s prediction was incorrect. What do you think helped avoided the possibility of a recession? (Note: You will need to examine ABS’s real GDP quarterly figures from http://abs.gov.au ).