Look back at Table 8-3, which explains how to calculate real GDP in terms of 2009 constant
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Look back at Table 8-3, which explains how to calculate real GDP in terms of 2009 constant dollars. Change the base year to 2007. Recalculate the price index, and then recalculate real GDP-that is, express column 4 of Table 8-3 in terms of 2007 dollars instead of 2009 dollars.
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Price Index Real GDP billions of dollars per base year 2007 100 year in constant 2007 dollars ...View the full answer
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