Q5. Follow the steps below to complete question. Show all calculations where necessary.

Go to the Statistics Canada website (link below) to view Canada's GDP data. In the "Customize table" area, set Prices: to "Current prices" and set Seasonal Adjustment: to "Seasonally adjusted at annual rates." In the Reference period: select the most recent quarter to date in the To: area, and in the From: area, select the same quarter one year ago. (Example: From Q3/2021 To Q3/2022). Click the Apply button to view the GDP data for the periods selected.

https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610010401&pickMembers%5B0%5D=2.2&pickMembers%5B1%5D=3.1&cubeTimeFrame.startMonth=07&cubeTimeFrame.startYear=2021&cubeTimeFrame.endMonth=07&cubeTimeFrame.endYear=2022&referencePeriods=20210701%2C20220701

Using the GDP Expenditure formula (GDP = C + I + G + NX) select the appropriate values from the data observed and enter them in the table provided below to calculate the total nominal GDP for both years. Enter the data for the current year in the column designated (A), and for the previous year in the column designated (B). Disregard the "Statistical Discrepancy" value from the observed data.

Now, for columns C and D, change Prices: method to "Chained (2012) dollars" and click Apply to update the data. Enter the appropriate GDP category values in columns C and D to represent the Real GDP for both years (with 2012 being the base year). Disregard the "Statistical Discrepancy" value from the observed data.

From your completed data table calculate the GDP deflator for the current and prior year.

What can you say has happened to the general price level between the two years?

GDP Category	(A) Nominal GDP Qtr-x Current Year	(B) Nominal GDP Qtr-x Prior Year	(C) Real GDP Qtr-x Current Year	(D) Real GDP Qtr-x Prior Year
C
I
G
Net Exports (NX)
Total

Gross domestic product, expenditure-based, Canada, quarterly (x $1,000,000)