Response to the following questions.
Explore the SNAPSHOT content in the textbook to answer the following questions:
a. What component of consumption do we spend a much greater percentage in 2011 compared to in 1967? Why?
b. Given that now, it is 2017, which component of Total GDP do you see having the most impact due to the technological breakthroughs (e.g. smartphones, social media, artificial intelligence, robots) since 2011? Do explain your choice.
c. Why do economists stress real GDP rather than nominal GDP when looking at GDP changes overtime?
d. Do you agree that "measuring living standards" as one of the uses of GDP data is relevant post-Great Recession time? Why or why not?
Do give details to each part.