Explain what would need to occur for nominal GDP growth to be positive and real GDP growth to be negative in any given year, by referring to ONE numerical example.

b) Discuss THREE reasons why the GDP may not be a good indicator of the actual level of welfare in a country?

c) Describe THREE determinants of long run economic growth and for each determinant provide an example of a policy that can be implemented by policy makers in order to accelerate the process of long run economic growth.