Download the “Gross Domestic Product (GDP), implicit price deflator of GDP and per capitaGDP” and “Government revenue (General Revenue Account and the Funds)” from Censusand Statistics Department, HKSAR website (https://www.censtatd.gov.hk/home.html). Hint:you can look for these tables in the section of “All Tables, Publications, Charts and Articles”under Hong Kong Statistics.Extracting the real GDP and deflator, land premium and motor vehicle taxes from thecorresponding tables. Match the government revenue data with the annual GDP and deflatordata with starting year of the fiscal year, that is, government revenue for the fiscal year of1989-90 should be matched with the GDP/deflator of 1989.Compute the real value of land premium and motor vehicle taxes. Hint: In case you are notfamiliar with the concept of deflator and how to use it to compute the real value, there aremany online videos that you can learn from them. The following link is an examplehttps://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/economiciondicators-and-the-business-cycle/real-vs-nominal-gdp/v/example-calculating-real-gdp-with-adeflatorCompute the percentage change of the real GDP, real land premium and real motor vehicletaxes.Construct two scatter plots, one for the percentage change of real GDP and percentagechange of real land premium and one for the percentage change of real GDP and percentagechange of real motor vehicle. Include trend lines in both charts and show their linearequations (to make it logical, you should set real economic growth as y and governmentrevenue as x). Hint: again, google how to do this if you do not know yet.Question:Discuss and compare the cyclicality of land premium and motor vehicle taxes (i.e. the relationshipbetween economic growth and land premium as well as economic growth and motor vehicles).*Please include three worksheets in your excel file for submission. Two for the scatter plots andcorresponding data and one for your answer of the above question.
Studying cyclicality of government revenue in Hong Kong.