Question

RATES of GROWTH

Year	Nominal GDP (Billions)	Gdp Deflator	Population	CPI	Medium Family Income
2017	2,102.57	115.006	36.514	130.658	84,950
2016	2,018.68	112.53	36.188	128.247	82,110
2015	1,985.65	112.295	35.825	126.542	80,940
2014	1,973.04	112.893	35.497	125.158	78,570
2013	1,892.19	110.944	35.102	122.8	76,550
2012	1,822.81	109.247	34.699	121.675	74,540
2011	1,769.92	107.929	34.303	119.842	72,240
2010	1,662.13	104.539	33.959	116.475	69,860
2009	1,567.37	101.619	33.581	114.45	68,410
2008	1,652.92	104.005	33.199	114.108	68,860
2007	1,573.53	100	32.848	111.45	66,550
2006	1,492.21	96.788	32.529	109.125	63,600
2005	1,417.03	94.323	32.203	106.967	60,600

1. Calculate and state the following for the years shown for the Canadian economy: the rates of growth (% per year) of

1. nominal GDP;        
2. real GDP;        
3. real GDP per capita.
4. Real Medium family income

(Provide the raw data for all the years and show your work at least once for each category.)

2. Plot all your results calculated in ( 1 ) above on one graph. Must use graph paper and utilize the entire page. (Use a time series graph.)

please make as per Canadian Education standard's.

Answer 1

Below are the formulas which are needed to complete the table:

GDP deflator = Nominal GDP / Real GDP

Real GDP per capita = Real GDP / Population

Real Median Family Income = Median Family Income * (100 / CPI)

%change in each variable can be calculated as = [(Variable in Current year - Variable in previous year) / Variable in previous year] * 100

Year	Nominal GDP (Billions)	Gdp Deflator	Population	CPI	Medium Family Income	Real GDP	Real GDP per capita	Real Median Family Income	%change in Nominal GDP	%change in Real GDP	% change in real GDP per capita	% change in Real Median Family Income
2017	2,102.57	115.006	36.514	130.658	84,950	18.282	0.501	65017.07	-	-	-	-
2016	2,018.68	112.530	36.188	128.247	82,110	17.939	0.496	64024.89	-3.99%	-1.88%	-0.99%	-1.53%
2015	1,985.65	112.295	35.825	126.542	80,940	17.682	0.494	63962.95	-1.64%	-1.43%	-0.43%	-0.10%
2014	1,973.04	112.893	35.497	125.158	78,570	17.477	0.492	62776.65	-0.64%	-1.16%	-0.25%	-1.85%
2013	1,892.19	110.944	35.102	122.800	76,550	17.055	0.486	62337.13	-4.10%	-2.41%	-1.31%	-0.70%
2012	1,822.81	109.247	34.699	121.675	74,540	16.685	0.481	61261.56	-3.67%	-2.17%	-1.03%	-1.73%
2011	1,769.92	107.929	34.303	119.842	72,240	16.399	0.478	60279.37	-2.90%	-1.72%	-0.58%	-1.60%
2010	1,662.13	104.539	33.959	116.475	69,860	15.900	0.468	59978.54	-6.09%	-3.04%	-2.06%	-0.50%
2009	1,567.37	101.619	33.581	114.450	68,410	15.424	0.459	59772.83	-5.70%	-2.99%	-1.90%	-0.34%
2008	1,652.92	104.005	33.199	114.108	68,860	15.893	0.479	60346.34	5.46%	3.04%	4.22%	0.96%
2007	1,573.53	100.000	32.848	111.450	66,550	15.735	0.479	59712.88	-4.80%	-0.99%	0.07%	-1.05%
2006	1,492.21	96.788	32.529	109.125	63,600	15.417	0.474	58281.79	-5.17%	-2.02%	-1.06%	-2.40%
2005	1,417.03	94.323	32.203	106.967	60,600	15.023	0.467	56652.99	-5.04%	-2.56%	-1.57%	-2.79%

We can say from the above figure that real GDP was more than nominal GDP in almost all years, inflation must be negative because %change in Nominal GDP = %change in Real GDP + %change in Inflation rate