Question: Please help me answer these questions and please explain in detail. What are (NOT LIST) the four categories of GDP? What is the largest category?

Please help me answer these questions and please explain in detail.

What are (NOT LIST) the four categories of GDP? What is the largest category? What is the most volatile?

Q2)What are the differences between real GDP, nominal GDP, and real GDP per capita? Which is a better measure of the standard of living? Explain your answer.

Q3)What are the shortcomings of GDP as a measurement of the standard of living? What in your view should be included that is not?

Q4) What is economic growth?. Explain why is it important. What federal policies are you in favor of, that you believe support economic growth for the U.S. economy?

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