1. Some economists argue that Inflation numbers calculated by CPI are not accurate especially during the pandemic. Explain why do they believe inflation numbers are not that accurate during pandemic? You can read more about limitations of CPI in the website of the Bank of Canada: (30 points) https://www.bankofcanada.ca/2020/08/understanding-consumer-price-index/ 2. Using the FRED economic database find time series of CPI and Implicit price deflator (which is another name for GDP deflator) for Canada for the period of 2000- 2020 and answer the following questions: (You have to submit a graph for the data with your answer) (30 points) a. What is the difference between two time series? In particular, what does the difference between the two variables? b. Is there a period in which CPI is higher than Implicit price deflator? How do you interpret this situation? c. Is there a period in which Implicit price deflator is higher than CPI? How do you interpret this situation? 3. Use the following table to answer the following questions. (25 points) Year Price of Burgers Quantity of Burgers Price of Magazines Quantity of Magazines 2013 $4.00 100 $2.00 180 2014 $5.00 120 $2.50 200 a. Calculate GDP for 2013 and 2014 using 2013 as the base year. b. What is the economy's inflation rate