Assignment task: Answer the following questions. Please rewrite the questions and write in complete sentences and paragraphs. Remember that economics is a science and that we are concerned with describing what, how, and why behaviors occur, therefore it should be detailed enough to clearly convey the economic concepts, using the appropriate terminology. You should apply the material from this module and chapter and not the internet.
Q1. Describe the main components of measuring GDP based on what is spent?
Q2. Why may nominal values like nominal GDP be misleading?
Q3. Discuss at least four reasons why GDP should not be considered an effective measure of the standard of living in a country.