The table below provides the average annual growth rates (%) in Nominal GDP, Real GDP, Real GDP per capita, prices and population for Australia over the last five decades. Average Annual Growth (%) in Australia Time Nominal Period Real GDP Real GDP per GD Prices capita Population 1970's 13.8 3.4 1.7 10.4 1.8 1980's 12.0 3.3 1.9 8.7 1.5 1990's 5.4 3.3 2.1 2.1 1.2 2000's 7.3 3.2 1.8 4.1 1.4 2010's 4.5 2.6 1.0 1.9 1.6 Average 8.6 3.2 1.7 5.4 1.5 Source: Derived from Australian Bureau of Statistics (ABS), 2022, ABS5204.0 Australian System of National Accounts, "Table 1. Key National Accounts Aggregates", ABS Canberra. a Explain why does the real GDP growth rate differ from the nominal GDP growth rate? (10 marks) b. Explain why does the real GDP per capita growth rate differ from the real GDP growth rate? (10 marks) C. Explain which measure of GDP growth you think is most appropriate and use it to explain which decade Australia achieved its greatest economic growth? (20 marks) d. Net Domestic Product (NDP) is GDP less the depreciation of capital (how much capital equipment is consumed or becomes obsolete). Currently, NDP only considers the depreciation of financial capital and does not include other forms of capital such as human capital, social capital and natural capital. Many economists suggest that a "true NDP" which includes the depreciation of all forms of capital is a better and a more "sustainable" measure of a nation's economic growth than GDP. Why might a "true NDP" be a more "sustainable" measure of a nation's economic growth than GDP? (10 marks) ii. If nations focused on a "true NDP" instead of GDP how do you think it may affect government policy? (10 marks) iii. If the depreciation of all forms of capital is a constant proportion of GDP growth, why might it not matter whether NDP or GDP growth is the focus of government policy. (10 marks)