Question 1. (Excel exercise) The Federal Reserve Bank of St. Louis offers a wide range of economic data at its Web site, called FRED (fred.stlouisfed.org/). Use these data to examine real GDP for Canada from 1960 to 2011.

a. Download annual data (CANRGDPR) on real GDP from 1960 to 2011. Calculate the annual growth rates, starting with 1960. Are there years in which real GDP decreased? With what events are these years associated? (2+2+2=6)

b. Calculate the average rate of real GDP growth for the period from 1960 to the most recent year available. Calculate the average annual growth rate from 2008 to 2010. How does the growth rate during this three-year period compare to the average growth rate from 1960 to 2011?