General information: molly, Jar and December Capital: Canberra Land area: Head of State: 7,682,300 sq km Official language: English HM Queen…

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a) Using the figures in the fact sheet explain the diminishing importance of the US economy to Australia and the increasing importance of Chinese economy to Australia.

b) Using the above table which allows you to compare Australia with GDP per capita (US $).

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General information:molly, Jar and DecemberCapital:CanberraLand area:Head of State:7,682,300 sq kmOfficial language:EnglishHM Queen Elizabeth II, represented by thePopulation:24.8 millionGovernor-General HE General the Honourable(Dec 2017)Currency:Australian dollarSir Peter Cosgrove AK MC (Retd)Head of Government:Prime Minister The Hon Scott MorrisonRecent economic indicators:2013201420152016GDP (US$b) (current prices):2017(a)201876J1,516.11,454.8GDP per capita (US$):1,233.51,266.01,379.665,075.31,427.861,538.351,428.6GDP PPP (Int’l $b) (c]:51,920.555,692.956,698. 11,066.71,115.31,155.2GDP per capita PPP (Int’l $) (c):1,198 31,248.21,318.645,785.047,178 848,166.049,145 4Real GDP growth (% change yoy):50,390.952,363.02.22.52.52.62.2Current account balance (US$b):3.2-51.4-45.3-57.841.236.2-39.5Current account balance (% GDP]:-3.4-3.14.7-33-2.6-28Inflation (%% change yoy):2.71.71.71.51.92.2Unemployment (% labour force)5.76.16.15.75.65.3Australia’s merchandise tradeReal GDP growthAustralia’s merchandise exports5014ETMAustralia’s trade and investment relationships (d):