https://www.bankofcanada.ca/2024/01/fad-press-release-2024-01-24/

Below is a Bank of Canada website, outlining current macroeconomic conditions in Canada: https://www.bankofcanada.ca/2024/01/fad-press-release-2024-01-24/ 1. From the above website, what estimate is given for the current value of inflation in Canada? 2. From the above website, what does the Bank of Canada think inflation will be in Canada over the next year?_ 3. Draw a theoretical, standard business cycle graph. Put "time" on the horizontal axis, put "Real GDP" on the vertical axis. Draw a line that represents actual real GDP" and draw a different line that represents potential/trend GDP. Make sure your graph is clearly labelled. (Please note, you do not need to find actual data for this graph. Draw theoretical graph that allows you to indicate the various stages of a business cycle, then answer 4 and 5 below.) 4. Label a point on your graph that indicates a recessionary gap. 5. Label a point on your graph that indicates an inflationary gap. 6. In 2-3 sentences, in your own words, does the Bank of Canada think Canada is at an expansionary phase or contractionary or at full employment when considering the business cycle? (Answer in 2-3 sentences of your own words AND also include ONE direct quote from the Bank of Canada's webpage.)