Question I: National Accounts (10 points) For this question, you need to download the real and nominal Canadian GDP data series from the course website. You can find these two data series in the data assignment folder. These data series are expenditure-based, annual GDP series from 1994 to 2016. To answer the following question, generate plots in Microsoft Excel and copy them into a Microsoft Word document. Using the GDP series, calculate growth rates of nominal and real GDP and graph them in the same graph with time on the x-axis. To calculate growth rates, you need to use the same formula as the inflation rate but instead of CPI use nominal and real GDP (growth rates will start in 1995). Why are changes in the nominal GDP generally greater than changes in the real GDP? Are changes in the nominal GDP over time a good measure of changes in the standard of living in a country? Are changes in the real GDP a good measure of changes in the standard of living in a country? Explain your answer.

REAL GDP
"Table 380-0064 Gross domestic product, expenditure-based, annual (dollars x 1,000,000)"
Survey or program details:
National Gross Domestic Product by Income and by Expenditure Accounts - 1901
Geography, Canada
Prices, Chained (2007) dollars
Seasonal adjustment, Seasonally adjusted at annual rates
Estimates, Gross domestic product at market prices
1994,1058405
1995,1086746
1996,1104254
1997,1151514
1998,1196213
1999,1257976
2000,1323173
2001,1346604
2002,1387137
2003,1412137
2004,1455715
2005,1502318
2006,1541730
2007,1573532
2008,1589273
2009,1542396
2010,1589956
2011,1639900
2012,1668524
2013,1709820
2014,1758648
2015,1776251
2016,1801368
Source:
"Statistics Canada. Table 380-0064 - Gross domestic product, expenditure-based, annual (dollars unless otherwise noted)"
"(accessed: February 28, 2018)"

NOMINAL GDP
"Table 380-0064 Gross domestic product, expenditure-based, annual (dollars x 1,000,000)"
Survey or program details:
National Gross Domestic Product by Income and by Expenditure Accounts - 1901
Geography, Canada
Prices, Current prices
Seasonal adjustment, Seasonally adjusted at annual rates
Estimates, Gross domestic product at market prices
1994,789507
1995,828973
1996,857023
1997,903902
1998,937295
1999,1004456
2000,1102380
2001,1140505
2002,1189452
2003,1250315
2004,1331178
2005,1417028
2006,1492207
2007,1573532
2008,1652923
2009,1567365
2010,1662130
2011,1769921
2012,1822808
2013,1897531
2014,1990183
2015,1994911
2016,2035506
Source:
"Statistics Canada. Table 380-0064 - Gross domestic product, expenditure-based, annual (dollars unless otherwise noted)"
"(accessed: February 28, 2018)"