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gift out answer. 7.12 You are given the following data published by Statistics Canada. GDP, at the end of the fourth quarter (Q4) of 2016 at annual rates: $ 2,071.4 billion Implicit price index (IPI) at the end of the fourth quarter of 2016 (2007=100): 114.3 Total population at Q4, 2016: 36,503,000 Labour force (L) in Q4, 2016: 19,567,000 Total Employment (N) in Q4, 2016: 18,225,000 Expected growth in real GDP for next 12 months (Q4 2016-Q4 2017): + 2.8% Expected rate of inflation for next 12 months (Q4 2016 - Q4 2017): + 1.0% Calculate Canada's real GDP for 4th Quarter (Q4) of 2016 ii What is GDP? What is the difference between nominal GDP and real GDP? iii) Calculate Canada's per capita GDP in nominal terms and in real terms. Calculate the rate of unemployment in Q4, 2016 Calculate Canada's Potential GDP and GDP gap (assume that URf = 6.0%)