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Post your 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 (see table) 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.
Discussion Forum Grading Rubric – 10 points
1. 1 point – answer the discussion question in your own words without any application of the economic concepts covered in the chapter OR
2. 2.5 points – answer the discussion question in your own words by applying at least 3 of the key concepts covered in the chapter [the list can be found under the heading ‘KEY TERMS’ in the textbook’] in your response to the questions. Do bold the 3 key concepts.
3. 0.5 point – All parts of the Question for that Chapter is answered in the submission
4. 0.5point – indicate the final word limit that should be 400 or above 400 in the Title Box [e.g WC = 400] ***
5. 0.5 point – no spelling errors found [do spell-check before posting]; texting is NOT ACCEPTABLE.