true or false for the following and explain please: 1. Real GDP is the sum of all sales of all firms in the economy but measured with base-year prices rather than current prices. 2. Real GDP is the sum of all value added of all firms in the economy measured at current prices. 3. GDP is a measure of an economy’s total output, therefore it does not include expenditures on capital, since capital is an input not an output. 4. A country that imports more than it exports must be unable to produce goods and services as efficiently as other countries. 5. In Norway, exports are greater than imports, which necessarily means that in aggregate, Norway must be buying assets from the rest of the world.

What are the main components of measuring GDP with what is produced?

The Equivalence of Expenditure and Income (in Billions of Dollars) Expenditure C: Consumer goods and services I: Investment in plants, equipment, and inventory G: Government goods and services X: Exports M: Imports GDP: Total value of output b. Gross private investment % % c. Total government purchases % d. Exports e. Imports % $14,561 Instructions: Enter your responses as a percentage rounded to one decimal place. Calculate the following as a percentage of GDP for 2019: a. Personal consumption expenditures % 3,744 3,754 2,504 (3,136) $21,427 Wages and salaries Corporate profits Proprietors' income Income Rents Interest Taxes on output and imports Depreciation Statistical discrepancy Total value of income $11,434 2,075 1,658 778 645 1,494 3,463 (120) $21,427

Please give me the correct answer

1) Explain how GDP is used in the calculation of a recession or economic growth. What is a recession? How do you know whether an economy is growing or not? 2) Explain why intermediate goods are not counted in the calculation of GDP. What is an intermediate good?

Show all the necessary steps that lead to your answer. 1. ​Consumption​ $6000 (in billion) Gross Investment​ 1500 Indirect business taxes​ 300 Retained earning​ 244 Corporate taxes​ 200 Social securities taxes​ 900 Government purchases​ 1500 Export ​ 500 Transfer payments​ 1000 Net interest​ 500 Net foreign factor income​ 4 Depreciation ​ 800 Capital consumption allowance​ Import​ 100 Personal income tax​ 300 a. Calculate GDP from the above figures b. Calculate national income from the above figures c. Calculate personal income from the above figures d. Calculate disposable income from the above figures

1. Suppose that a farmer grows wheat, which she sells to a miller for $10. The miller turns the wheat into flour, which she sells to a baker for $55. The baker turns the wheat into bread, which she sells to consumers for $140. Consumers eat the bread. What is GDP in this economy? 2. Consider the following table showing the breakdown of GDP (in billions) for China. GDP Category Amount (in billions) Consumption 1700 Investment 700 Government 100 Expenditure Exports 50 Imports 40 Using the expenditure approach, calculate GDP for China. 3. Consider the following table showing the breakdown of GDP (in billions) for China. GDP Category Wages and Salaries Consumption Investment Amount (in billions) 1000 1700 700 Depreciation Government 50 100 Expenditure Taxes 300 Exports Imports Income receipts from rest of the world Income payment to rest 50 40 10 50 of the world What are net exports for China? 4. Suppose that GDP in Japan is 1030 and then grows to 1160 (all numbers in billions) What is the…