1. In 2000, New Zealand had a nominal GDP of $113,229 million and a CPI value of 687. In 2020, nominal GDP had risen to $321,985 million and the CPI to 1052. Use this information to answer the following questions:

a)What was the simple annual growth rate of nominal GDP over the period from2000 to 2020?b)Using the rule of 72,

b)how long would it take to double nominal GDP at the growth rate you calculated in a)? Give your answer to the closest year.

c)What was the simple annual growth rate of the CPI over the period from 2000 to 2020?

d)How long would it take to double the CPI value?

e)What are answers to a) and c) tell you about the annual growth rate of real GDP? Was real GDP growing or shrinking over this period?