shboard | Motlow S X B Chapter 7 Homework Assignme https://elearn.mscc.edu/d21/le/content/8690518/viewContent/76585521/View Instructions Answer the following questions. Please rewrite the questions and write in complete sentences and paragraphs. Remember that economics i concerned with describing what, how, and why behaviors occur, therefore it should be detailed enough to clearly convey the economic con terminology. You should apply the material from this module and chapter and not the internet! 1. Describe the main components of measuring GDP based on what is spent? 2. Why may nominal values like nominal GDP be misleading? 3. Discuss at least four reasons why GDP should not be considered an effective measure of the standard of living in a country. Grading Rubric Not Developing Proficient Distinguished Weight Criteria evident 55% 80% 100% 0%