||6. Using a New Base Year to Calculate Real GDP and Inflation. Repeat Exercise 4.5 but use prices from 2012. 7. Understanding the Relationship between Real and Nominal GDP in a Figure. In Figure 5.5 the base year is 2000. Explain why the line for nominal GDP lies below the line for real GDP in the years prior to 2000. If the base year was 2005, where would the two lines cross? 8. Using U.S. Economic Data to Measure the Economy. Go to the Web site for the Federal Reserve Bank of St. Louis (www.research.stlouisfed.org/fred2). Find the data for nominal GDP, real GDP in chained dollars, and the chain price index for GDP. a. Calculate the percentage growth for nominal GDP since 2000 until the most recent year. b. Calculate the percentage growth in real GDP since 2000 until the most recent year. c. Finally, calculate the percentage growth in the chain price index for GDP over this same period and compare it to the difference between your answers to (a) and(b).