Question
The gross domestic product (GDP) is the most watched of all economic indicators contained in Canada's national accounts.Visit the Statistics Canada website www.statcan.gc.ca. Locate in
The gross domestic product (GDP) is the most watched of all economic indicators contained in Canada's national accounts.Visit the Statistics Canada website www.statcan.gc.ca. Locate in Canada's Economic Accounts, the summary tables for the economic series mentioned in parts (a) and (b) below; and then answer parts (c), (d), and (e). Note: All the tables should be annual.
a)[5 marks] Find tables for gross domestic product Expenditure Based and Income Based annual, (Separately), at market prices for the years 2016 through 2020. Attach the data table at the end of your answers to this question.
b)[5 marks]Find the Real Gross Domestic Product (Real GDP), Expenditure-Based, annual, at 2012 chained (constant) prices, for the years 2016 through 2020.Attach the data table at the end of your answers to this question.(You may copy it from Statistics Canada's website and paste it to your Word document)
c)[5 marks]What trend do you observe in GDP at market prices (in the data that you found in a)?What trend do you observe in GDP at constant prices (in the data that you found in b)?How and why do the two series differ? Explain your answer. To show the trend, a line graph is best (you can draw it in Word or Excel) Please attach any graphs directly within the question, by taking a picture or scanning it, rather than attaching separately at the end)
d)[5 marks]Define the GDP Deflator and using the data tables for nominal GDP (market prices) and for real GDP (constant or chained prices), calculate the GDP deflator for each year. Present the data in a table for each year. Show all the calculations.
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