(a) Explain what GDP means. Then, picking any country of your choice: i. Tabulate and graph the real and nominal GDP of the country over the last 20 years (If you are unable to get the data for 2017,...

(a) Explain what GDP means. Then,
picking
any country of your choice:

i. Tabulate and graph the real and nominal GDP of the country over the last 20 years (If you are unable to get the data for 2017, don’t worry – you can use 20 years data ending even in 2012; however, you need 20 annual data points).

ii. Calculate the annual GDP deflator – tabulate.

iii. Calculate the annual growth rate of GDP – tabulate.

iv. Offer a commentary on the economic growth recorded in the country over the observed period.

(b) Define unemployment and explain how the unemployment rate is determined? For the country you have chosen:

i. Tabulate and graph the unemployment rate recorded over the observed period.

ii. Offer a commentary on the unemployment rate observed in the country over the observed period.