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.
true or false for the following and explain please:
1. Real
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.
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