1. 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...

1. 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).